By Reuters

China Petroleum and Chemical Corporation (Sinopec; SNP.NYSE, 0386.HKG, 600028.SHA) hopes to sell 30% of its marketing business to outside investment by the third quarter of the year, Reuters reported. Analysts said the deal could raise US$10-20 billion. Sinopec Chairman Fu Chengyu said the company will set up a separate holding company for the marketing assets. The state-run oil giant was seeking to sell the stake to companies with sales experience in sectors other than energy. The company unveiled the plan in late February after the government pledged in November to let the private sector play a bigger role in the economy.