Sinopec Corp is planning to jointly operate 300 of its convenience stores with Taiwan’s Ruentex Group – a move that is likely to enhance the appeal of its massive fuel retail unit in which it is planning to offload a minority stake.
The state-run oil giant has shortlisted 37 bidding consortia for a holding of up to 30 percent that could raise as much as USD20 billion. It is expected to choose a winning bidder by end-September.
Sinopec and Ruentex have already started jointly managing eight stores in Shanghai and daily revenue at the stores rose nearly 50 percent during a trial operation in August, the state-run China Securities Journal reported, citing an unidentified source from Sinopec.
(Source: The Malaysian Insider)