18 August 2019

Sinopec unit spins off convenience stores, paper says

Sinopec Chemical Commercial Holding Co. Ltd. has spun off wholly owned Yijie Sales Co.Ltd. into an independent non-oil sales company, Economic Information Daily reported Wednesday, citing parent China Petroleum & Chemical Corp. (Sinopec) (00386.HK, 600028.CN). Yijie operates 23,000 convenient stores in Sinopec gas stations nationwide. It posted sales of 13.3 billion yuan (US$2.15 billion) last year. Sinopec’s convenience store business attracts investors because of its e-commerce potential. Future plans could include a public listing, the report said.

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