Sinopec To Sell Gas Pipeline Stake To No More Than 15 Investors

Reuters

BEIJING, Aug 3 (Reuters) - China's Sinopec Corp will sell a stake in the Sichuan-East China gas pipeline to no more than 15 investors, the company said in an announcement in Beijing Equity Exchange on Wednesday.

Sinopec, the country's second-largest oil and gas group, said late on Tuesday that it would sell half of its premium natural gas pipeline business to investors.

Sinopec said on Wednesday the proceeds will be used to expand the Sichuan-East China pipeline and build gas storage facilities. The company also said it first planned to carry out a capital raising of about 15 billion yuan ($2.3 billion). ($1 = 6.6302 Chinese yuan renminbi)

(Reporting by Kathy Chen and Aizhu Chen; Editing by Richard Pullin)

Copyright 2016 Thomson Reuters. Click for Restrictions.

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