Sinopec announces financial consultants for opening-up move

BEIJING - China's top oil refiner Sinopec on Thursday announced the names of four financial consultants as it looks to attract social and private investment in its lucrative oil distribution business.

China International Capital Corporation, Deutsche Bank Group, CITIC Securities Co. and Bank of America will serve as consultants for the plan, the company said.

Sinopec announced in February that it would restructure its distribution business and allow social and private capital to take no more than 30 percent of shares.

The decision made Sinopec the first of the three big state oil companies to bring in private capital in the profitable distribution business amid the country's reform drive to develop a diversified ownership economy.

As of the end of 2013, Sinopec operated 30,532 oil stations. Retail sales of refined oil products amounted to 114 million tonnes on the Chinese mainland last year.