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Report: Sinopec gets Chinese State Council nod for retail unit IPO

China Petroleum & Chemical Corp. received approval from China's State Council for the IPO of retail unit Sinopec Marketing Co., Bloomberg reported Jan. 14, citing people familiar with the matter.

The approval was the final Chinese regulatory hurdle and will allow Sinopec to push through with the listing, the sources told Bloomberg. The sources said the shares will be sold in Hong Kong this year, and the unit seeks to raise $5 billion to $6 billion in the offering.