19 July 2019

Alibaba eyes stake in Sinopec sales business, paper says

Alibaba Group has approached China Petroleum & Chemical Corp. (Sinopec) (00386.HK, 600028.CN) for a stake in its sales unit after the refinery giant announced in February it would sell as much as 30 percent of the business to private capital, the 21st Century Business Herald reported Saturday, citing a person with knowledge of the matter. The e-commerce giant has begun recruiting staff to form its sales team once a deal is completed, the source said. Alibaba is likely to employ online technologies, such as a mobile payment system, to create an online market for oil products, as Sinopec already owns a massive retail sales network offline, the report said.

– Contact HKEJ at [email protected]



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