China Petroleum and Chemical Corp (Sinopec), China's second-largest oil company, hopes to launch its A-share listing in Shanghai in the second half this year. Chen Ge, deputy director of the board secretariat, said yesterday the China Securities Regulatory Commission's new issues committee would vet the H share's application.
'We hope to get their approval next month, but the exact listing timetable will depend on market conditions,' he said.
The firm said last month it aimed to raise 10 billion yuan (about HK$9.3 billion) by issuing up to three billion A shares to help finance the acquisition of oil explorer Sinopec Star Petroleum from its parent and to build two transportation pipelines.
Star - China's smallest oil explorer - has five fields in the west, north and north-east of the country, as well as the East China Sea.
Its acquisition would increase Sinopec's proven oil and natural gas reserve by about one-third.
Mr Chen said Sinopec planned to acquire the vast majority of Star's oil exploration and production operations, and valuation of its proven reserve based on international standards was under way.
