Sinopec Engineering Unit Plans US$1.5 Billion Hong Kong IPO

China’s oil giant China Petrochemical Corp., known as Sinopec Group, is planning an initial public offering in Hong Kong for its newly-formed refining and petrochemical engineering unit in the second quarter of 2013, which could raise around US$1.5 billion, four people with direct knowledge of the matter said Wednesday.

Beijing-based Sinopec Engineering (Group) Co., which was set up in September with a registered capital of 3.1 billion yuan (US$500 million), is hoping that a Hong Kong listing could raise its profile in the international market, as it strives to secure more overseas engineering and construction projects, one of the people said.

(bloomberg, Edited by Topco)