Sinopec Group continues reforms and establishes lubes unit

The limited liability company is part of Sinopec Group’s marketing arm re-organisation

China Petrochemical Corp has set up a limited liability company for its lubricants business in a move that will consolidate its operations before listing them.

Sinopec Lubricants Co, which already controls a third of China’s mid to high-end lubes market, will oversee both domestic and international lubes sales.

A statement on the group’s website said “the independent operations of the unit will provide more room for future growth.

In June, the group, which contains Asia’s biggest refiner, announced it would divest more than 30% of its marketing and fuel retailing business to both private and public investors in a bid to increase efficiency and raise capital for R&D and overseas expansion.