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Chinese oil refiner to sell hotels

09/17/2015| 4:42:26 PM|

As it focuses on its core business, Sinopec Group is looking to divest itself of its hotels by the end of 2017, holding only to 'a small number'.

As it focuses on its core business, Sinopec Group is looking to divest itself of its hotels by the end of 2017, holding only to 'a small number'.

China's energy giant Sinopec Group plans to spin off its hotel business as part of a widespread effort to curb corruption that will also see the company sell off other assets, including its fleet of 4,000 cars.

Sinopec Group controls Asia’s largest oil refiner but also owns and operates a number of hotels in China.

As it focuses on its core business, the company is looking to divest itself of its hotels by the end of 2017, holding only to “a small number” that are either very competitive or have no competition in the area.

The state-owned company did not disclose exactly how many hotels it holds now or how many it will sell.

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TAGS: Chinese oil | Hotel
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