Sinopec aims for Q3 stake sale

State-run oil group China Petroleum and Chemical Corp (Sinopec Corp) said on Monday it aims to complete the sale of up to 30 percent of its marketing business in the third quarter of this year.

Sinopec unveiled a plan last month to restructure the business, which includes over 30,000 petrol stations - the world's largest fuel retail network - and more than 20,000 convenience stores at these stations. The business also includes oil-products pipelines and storage facilities across China.

Chairman Fu Chengyu told reporters on Monday Sinopec plans to set up a holding company for the marketing assets - with a current unaudited value of around 300 billion yuan ($48.19 billion) by the end of March and will start to bring in capital from around the end of June.