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Sinopec Offers Its Subsidiaries

Sinopec is about to embark on its privatization

China Petroleum and Chemical Corporation or Sinopec announced here Monday that it is about to embark on its privatization process of four A-share listed subsidiaries with the permission of the China Securities Regulator Commission.

The privatization process, including a total capital of about 14.3 billion yuan (some 1.8 billion US dollars), will last for 30 days from March 8 to April 6.

The offer price for acquiring Sinopec Qilu Petrochemical Company Limited, Sinopec Yangzi Petrochemical Company Limited, Sinopec Zhongyuan Petroleum Company Limited, Sinopec Shengli Oilfield Dynamic Group Company Limited is 10.18 yuan per share, 13.95 yuan per share, 12.12 yuan per share and 10.30 yuan per share respectively.