China Petrochemical Corp (Sinopec) has filed an application with the Securities and Exchange Commission of the United States for a New York listing and is moving ahead with plans for a listing application with Hong Kong regulators, according to sources.
Mainland oil sources said yesterday the move would mean Sinopec - the mainland's second-largest oil producer - would launch its multibillion dollar flotation ahead of CNOOC, another mainland oil giant.
Analysts have expected Sinopec to raise US$4 billion to US$5 billion from the flotation and CNOOC about US$1 billion to US$2 billion.
Sinopec co-sponsors Morgan Stanley Dean Witter and China International Capital Corp declined to comment yesterday.
But mainland oil sources said the flotations of the oil companies were expected to take place in the third quarter.
They follow the landmark listing in April by PetroChina, which is the country's largest oil producer.
Beijing has attached great importance to PetroChina's listing because of its large size and the complexity and bureaucracy of the mainland's loosely regulated oil industry.