Sinopec Announces Strategic Share Transfer

Sinopec Oilfield Service (HK:1033) has released an update.

Sinopec Oilfield Service Corporation has announced a strategic share transfer, with controlling shareholder China Petrochemical Corporation (CPC) transferring 4% of its shares to China National Petroleum Corporation (CNPC) to strengthen cooperation and optimize the company’s shareholding structure. The transfer of these state-owned shares will not alter the company’s controlling shareholder or its actual controller. This move is pending approval from the State-owned Assets Supervision and Administration Commission of the State Council (SASAC), and the company promises to keep its stakeholders informed on the developments.

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