Chinese oil and gas company Sinopec has received a green light for an initial public offering of its retail unit, Sinopec Marketing Co.
Sinopec, which got a nod from the state council and cleared Chinese regulatory, aims to sell shares of the business in Hong Kong (HK) this year.
Sinopec Marketing Co. intends to land about $5 billion to $6 billion in the offering.
Sinopec will still need to seek listing approval from the Hong Kong stock exchange before the move goes ahead.