Nov. 29, 2012 (China Knowledge) - China Petrochemical Corporation (Sinopec Group), parent of Asia's largest oil refiner Sinopec<600028
>, has said its subsidiary Sinopec Engineering(Group) Co will launch its initial public offering in Hong Kong in the second quarter of 2013 with fundraising of US$1.5 billion, said a source close to the matter.
With registered capital of RMB 3.1 billion, Sinopec Engineering was set up by the integration of Sinopec Group's eight construction and engineering companies.
Sinopec Engineering undertakes engineering contract projects in Kuwait, Saudi Arabia, Qatar, Kazakhstan, Nigeria and Singapore. It expects to raise its corporate image in the international market through the HK IPO.
CITIC Securities Co, JP Morgan Chase & Co and UBS AG have been hired to handle the deal.