CHINA Petroleum & Chemical Corp. (Sinopec) has revived plans for an initial public offering (IPO) of its gas station and convenience store unit, a deal that could raise as much as US$10 billion, The Wall Street Journal quoted sources familiar with the matter as saying yesterday.

    Sinopec is in talks with banks about launching a potential IPO of Sinopec Marketing Co. next year, the sources told the newspaper.

    A listing in Hong Kong is being considered, although a final decision hasn’t yet been made on the location of the IPO, the sources added.

    A potential listing of the unit, which is seen as a test case in China’s attempts to reform its lumbering State-owned enterprises, is one of the options being discussed as part of a broader restructuring, some of the sources said.

    Sinopec had originally planned to raise between US$5 billion and US$10 billion through an IPO of the unit in 2015, The Wall Street Journal reported at the time, although the process was delayed following the retirement of Fu Chengyu, the firm’s high-profile former chairman.

    A listing of the unit would raise funds that Sinopec could invest in the stores attached to its gas stations, helping them become more profitable. (SD-Agencies)