Sinopec Group Initiates Mixed-Ownership Reform on Feb 19, 2014

Sinopec Group decided to initiate mixed-ownership reform on Feb 19, 2014. [Photo/sasac.gov.cn]

Sinopec Group initiates mixed-ownership reform on Feb 19, 2014

The directors of China Petrochemical Corporation (Sinopec Group) agreed on a proposal to initiate reorganization of Sinopec's sales business and to bring in social and private capital to realize mixed-ownership on Feb 19, 2014.

According to the proposal, the capital and debts of the company's sales business were to be audited and assessed and at the same time the social and private capital were to be introduced to make Sinopec Group a mixed-ownership enterprise.

The ratio of the social and private capital was decided according to the market.

The reform was a result of the desirability of a mixed-ownership economy mentioned at the Third Plenary Session of the 18th CPC Central Committee in 2013.

(Executive editor: Wang Ruoting)