Sinochem Plans to Raise $5.5 billion in an IPO to Fund Refinery and Petchems Project

Sinochem (Beijing) plans to sell 26.5 billion new shares in an initial public offering (IPO) in Shanghai, to fund a previously announced refinery and petrochemical project at Quanzhou in Fujian Province, China, according to a statement on the Web site of the Ministry of Environmental Protection (Beijing). The IPO would be one of the biggest in China, raising Rmb20 billion-Rmb35 billion ($3.2 billion-$5.5 billion). Sinochem is the fourth-biggest oil, gas, and chemicals group in China, trailing China National Petroleum Corp., Sinopec, and China National Offshore...

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