China Sinopec taps govt asset firms to restructure overseas upstream unit
BEIJING, April 15 (Reuters) - China's state-run Sinopec Group has brought in two government asset firms as strategic investors to its overseas upstream unit to shore up profits amid low oil prices.
China Chengtong Holdings Group Ltd and China Reform Holdings will hold a combined 70 percent stake in Sinopec International Petroleum Exploration and Production Corp (SIPC), while Sinopec Group holds the remaining 30 percent.
(Reporting by Chen Aizhu; Editing by Christian Schmollinger)
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