September 4, 2014 / 11:03 AM / 3 years ago

China's Harvest Fund plans to raise $1.6 bln to buy stake in Sinopec unit - newspaper

BEIJING, Sept 4 (Reuters) - Chinese investment fund Harvest Fund Management Co Ltd plans to raise 10 billion yuan ($1.63 billion) to buy a stake in the retail arm of oil giant Sinopec Corp , the state-owned China Securities Journal reported on Thursday, citing unnamed sources.

The newspaper gave no further details and the relevant officials at Harvest and Sinopec were not immediately available to comment on the report.

Sinopec is selling up to 30 percent of the retail unit, a deal which analysts say could raise around $20 billion. The state-run oil company has shortlisted 37 bidding consortia for the stake sale and plans to choose a winning bidder by end-September.

$1= 6.1383 Chinese yuan Reporting by Beijing newsroom; Editing by Miral Fahmy

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