Hong Kong—Chinese state-owned giant Sinopec, or China Petroleum and Chemical Corp., will welcome foreign investors in the planned divestment of its oil marketing and distribution segment previously announced last month, Chairman Fu Chengyu said Monday. In February Sinopec said it would divest up to a third of the unit to outside investors, partly to bring in more external capital, and partly to help fulfill the government’s aim of promoting mixed ownership in China’s stateowned resources.
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