Sinopec oil sales business restructuring preliminary completion
Sinopec oil sales business restructuring preliminary completion
China's largest oil refining enterprise China petroleum & chemical co., LTD. Announcement on Tuesday night, as of April 1, sinopec has been handed over to the entire product sales business sector will belong to asset sales company owns, management and control, this indicates that the product of sinopec internal sales business restructuring has basically completed, the world waiting for sinopec is next oil sales business into the society and the private capital participating in the action.
Previously, sinopec on February 20th, said the proposed product sales business sector assets into its wholly owned subsidiary of China petrochemical sales co., LTD., have since the business restructuring progress made announcement. In the February 20 announcement, sinopec also said it would allow private capital to participate in its oil sales business, with a stake of less than 30 per cent.
Later on March 24th, sinopec from the mixed ownership reform schedule, announced at the end of June for audit and evaluation after completion of the sales company officially announced specific investment plan, and strive to be completed before the third quarter of the financing.
By the end of 2013, there were more than 30,000 gas stations in sinopec's oil sales outlets, and analysts and investors were concerned about its follow-up. The Chinese government is pushing for reforms in all areas and advocating for the introduction of more private capital by state-owned enterprises to enhance the vitality of the overall economy.
Sinopec's annual report shows that the company's net profit for 2013 was 66,132 million yuan, up 3.5% from a year earlier, according to international accounting standards. Revenue rose 3.4 percent to 2.88 trillion yuan. According to China's accounting standards, the company's net profit last year was 67.18 billion yuan, up 5.8 percent year on year.
