Sinopec to sell 50% of its gas pipeline

Sinopec Corp will sell a stake in the Sichuan-East China gas pipeline to no more than 15 investors, the company said in an announcement at the Beijing Equity Exchange on Wednesday.

Sinopec, the country's second-largest oil and gas group, said that it will sell half of its premium natural gas pipeline business to investors.

Sinopec said on Wednesday the proceeds will be used to expand the Sichuan-East China pipeline and build gas storage facilities. The company also said it first planned to raise capital of about 15 billion yuan ($2.3 billion).