China Petroleum & Chemical Corp. (Sinopec) (600028.CN, 00386.HK) has approved a restructuring of its oil sales business to allow private capital, it said in a regulatory filing Wednesday. In a unanimous vote, the board agreed to diversify the ownership of the business by introducing social and private investment based on market conditions. Such investment, however, should not exceed 30 percent, the filing said. The restructuring is in line with a broader effort to reform the country’s state-owned behemoths, China Securities Journal reported Thursday, citing an unnamed person close to the company.
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