Sinochem unit gets $1.65 billion investment from state firms [Reuters]
AGRICULTURAL B/C UNSP/ADR (ACGBY)
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Source: Reuters
Sinochem unit gets $1.65 billion investment from state firms BEIJING (Reuters) - Sinochem Energy, a unit of China’s Sinochem Group, has agreed to sell a 20% stake to five state-owned firms for 11.56 billion yuan ($1.65 billion), Xinhua news agency reported. The strategic investors included financial investment arms of Agricultural Bank of China ( 601288.SS ) ( 1288.HK ) and Industrial Bank of China (ICBC) ( 601398.SS ) ( 1398.HK ), and Citic Securities Investment Co, the official news agency said late on Friday. Sinochem Energy operates the group’s oil and petroleum products trading, refining, storage and logistics, as well as distribution and retail businesses, but not its struggling upstream business that includes overseas oil and gas production. China National Chemical Corp, or ChemChina, has also approached Chinese state-backed investors for up to $10 billion in funding as part of a reorganization of its agrichemicals business ahead of a public float, sources have said. Th
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