The Goldman Sachs Group Inc. is working with Asia’s largest refiner, China Petroleum & Chemical Corp., according to Bloomberg News, on the sale of a stake in its retail assets. Headquartered in the lower Manhattan area of New York City, The Goldman Sachs Group, Inc. is a multinational investment banking firm that engages in global investment banking, securities, investment management, and other financial services primarily with institutional clients.
Sinopec, a Beijing-based company, is a Chinese oil and gas company based in Beijing, China. It is listed in Hong Kong and also trades in Shanghai and New York. Sinopec is the world’s fifth biggest company by revenue. Sinopec could reportedly raise as much as $30 billion selling a 30 percent stake in its retail unit, which includes the nation’s biggest network of fuel stations, according to two people who wished to remain anonymous. They have also shared that China International Capital Corp. is also advising Sinopec on asset restructuring, according to Bloomberg News. In 2011 Sinopec was ranked as the 5th largest company in sales in Forbes Global 2000.
A deal of this size would be the largest asset sale reported by a Chinese state owned company. Chairman Fu Chengyu said last month on a conference call with analysts that, Sinopec’s retail business is a “huge gold mine” whose full potential “hasn’t been tapped.”
Sinopec’s parent company, China Petrochemical Corp., has raised $5 billion from the biggest offering of dollar-denominated notes by an Asian issuer in more than a decade. The Goldman Sachs Group was one of the banks that arranged the bond sale.
A spokesman for Goldman Sachs in Hong Kong, Eddie Naylor, declined to comment on the story, according to Bloomberg News. If you would like more information about employment opportunities with the Goldman Sachs Group Inc. readers can click here.
Image Credit: www.scmp.com