China Petroleum & Chemical Corp, more commonly known as Sinopec, is considering an initial public offering of its retail business next year that could raise as much as $10 billion.
The state-owned oil company has asked banks to submit proposals for roles to manage a listing, Bloomberg reported, citing people familiar with the matter. Sinopec's retail business runs a network of fuel stations and convenience stores in China.
Sinopec has not made a final decision as yet and may also decide against floating the business if market conditions are unfavorable, Bloomberg said.
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