Asia's largest oil refiner by output-China Petroleum & Chemical Corp. (Sinopec), plans to sell its 46% stake in Sinopec Wuhan Petroleum Group Co. To retain the petroleum operations, Sinopec will buy back all assets of Sinopec Wuhan, in the latest move to streamline its corporate structure. Sinopec has been streamlining its sprawling corporate structure to reduce connected transactions and eliminate competition within the group. While the deal has received the go-ahead from the board at Sinopec Wuhan, it is still pending approval from shareholders and Chinese securities regulators.
Sinopec took over two listed units - Sinopec Beijing Yanhua Petrochemical Co. and Sinopec Zhenhai Refining & Chemical Co, in 2005.
In February 2006, Sinopec took four of its China-listed units - Sinopec Qilu Petrochemical Co., Sinopec Zhongyuan Petroleum Co., Sinopec Shengli Oil Field Dynamic Group Co., and Sinopec Yangzi Petrochemical Co.
08-Jan-07 
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