Since the beginning of this year, various sounds have been heard about Sinopec 's spin-off of its segment. On July 18, Lv Dapeng, a spokesperson for Sinopec, said: "The company is really doing a professional restructuring of its lubricants business."

In fact, after Fu Chengyu entered Sinopec, he had been preparing for the listing of its various sections, and various sections were actively preparing for listing.

Lubricant business ready for listing

Earlier this year, Fu Chengyu, chairman of Sinopec, approved the listing of its lubricants business. He believes that its lubricant products are independent from Sinopec and the opportunity for spin-off listing is ripe.

As early as the beginning of April this year, Sinopec initiated the integration of the lubricants sales business, and transferred related customers and market management functions of the lubricants business from the provincial and municipal oil companies to the Great Wall Lubricant Company. The oil companies in the provinces and cities will no longer be responsible for the Great Wall. Lubricant's distribution function, and direct supply of large customer business is carried out by Lubricant's five sales centers in Beijing, Tianjin, Chongqing, Wuhan and Maoming.

If the lubricants business is to be split out, it is necessary to integrate the sales channels and bring back the customer market previously owned by the Sinopec sales company to the lubricant company. A senior executive of Sinopec Lubricant Company had revealed that Sinopec's lubricant sales channel integration will be completed by the end of June and early July. Currently, five Sinopec provincial-level oil companies have handed over sales to the lubricant company.

“It was said that the beginning of the end of June and the beginning of July will be completed, but due to too many sections involved, this integration and restructuring is equivalent to a flattening of a pyramid, it is not easy.” Zhuo create information oil analyst Gong He told reporters.

At the same time, the personnel placement issues involved in the reorganization of the lubricating oil business also became a drag on its listing. "This adjustment will certainly change the duties of some positions, personnel, and agents." Gong Li said, but the listing is a major event, this is generally an internal matter, should not be a problem.

"Now China's major supply of basic oil resources is attributed to the two major groups. Splitting the listing will be of great strategic importance in enhancing the brand value of Great Wall Lubricants, dominating the market share, and entering the international market for the Great Wall." Gong Li said, the split listing The general framework is no problem, but it is hard to say whether it can complete the listing of lubricants business this year.

Lin Boqiang, director of the China Energy Economic Research Center at Xiamen University, told reporters that the lube oil business is not subject to control like refined oil. Sinopec lubricants have a relatively large market share, and they initially felt that it would be easier to go public. Now it seems that it is not that smoothly. It may not be as good as the overall economic situation, but it is not a problem for it to succeed in the spin-off.

Split the listing of various sectors

As early as May 13, 2011, Fu Chengyu expressed the idea of ​​spin-off listing at the shareholders meeting of Sinopec Group. He said that China's three major oil companies, each covering the entire industry from upstream to downstream. The spin-off listing is beneficial to all technical service companies going out to explore the market and seeking greater development.

In February this year, Huang Wensheng, a former spokesperson for Sinopec, said that Sinopec Group has officially launched a professional restructuring. The two major sectors of petroleum engineering services and refining and chemical engineering were the first to start. The next step will also continue to professionally restructure the other affiliates of the Group to achieve the professional management of each sector.

In addition, there is news that Sinopec's non-oil business petrochemical Express may also be independent and listed separately.

Looking at the lubricants business today, Sinopec has four segments that are preparing for spin-off.

A senior researcher in the energy industry told reporters that Sinopec's large plate business is complex and it is imperative that the various spin-offs be listed. Through listing, the management and development of each sector will be more standardized and will increase its competitiveness in the international arena.

However, in fact, due to its close ties with the group, some of Sinopec’s independence has been questioned by the industry. It is understood that the main income of Sinopec's engineering construction company is still from Sinopec's internal projects, and engineering companies generally do not participate in bidding for external projects.

Listing, on the other hand, requires the spin-off company to have a certain degree of independence in both business and personnel. "Sinopec's various sectors are difficult to list in a short period of time and it will take some time," said Liu Yijun, a professor at the China University of Petroleum's School of Business Administration. Sinopec has to create an environment to continuously strengthen the independence of each sector and change the original operation and management model.

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