Sinopec is planning a $1.5 billion Hong Kong initial public offering for its oilfield services unit in the first half of 2015, according to news agency Reuters.
Sinopec Oilfield Services Corp (SOSC), as the unit is called, provides engineering and technical services for companies engaged in oil and gas exploration and production.
Investment banks were recently invited to pitch for the IPO mandates, which are expected to be awarded in the next few months, the people added.
SOSC was established in a 2012 group restructuring at the same time as SinopecEngineering. The engineering unit went public in Hong Kong last year, raising $1.8 billion.
Sources declined to be identified as the details of the IPO plans have not been officially announced. A media official at SOSC did not offer an immediate comment.
