Will Sinopec's Sale of Retail Assets Fall Flat?

摘要

The sensational share-price performance of Sinopec Corp. since its Feb. 19 announcement that it would sell up to 30% of its retail business has made a mockery of the notion that China's national oil companies (NOCs) have something to fear from industry reforms giving private players a bigger role. But it's not yet a given that the independents will take the company up on its offer (EIF Feb.26' 14). Sinopec stock was further boosted by comments last week from its chairman, Fu Chengyu, that more specific reform steps would be unveiled this month at the National People's Congress (NPC), a top-level political meeting in Beijing. The company's shares had gained some 12% as of Mar. 3, with billions of dollars added to its market capitalization over the past two weeks.