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China Petrochemical Corp., the parent of China Petroleum & Chemical Corp or Sinopec (SNP), has intentions of completing restructuring activities related to its downstream engineering division by mid-2012, as per market sources. The restructuring plans were announced in November 2011.

After the the engineering division is restructured, Sinopec Group plans to list the new vehicle through a public stock offering. The restructuring of Sinopec Group’s engineering division would comprise design, construction and service units.

Restructuring the engineering business is complex and time consuming, and thus forming a new company would take at least another six months. Listing of the new vehicle will also depend on its performance.

Per industry officials, Sinopec's design and engineering institutes as well as its construction outfits have combined personnel of approximately 50,000 and an annual turnover of around 200 billion yuan ($31 billion).

The units comprise flagship design institutions -- Sinopec Engineering Inc and Sinopec Luoyang Institute -- that have expertise in refining and petrochemical projects, and engineering and construction arms based in Nanjing and Ningbo, respectively.

According to the Sinopec chief, restructuring presents a big challenge for the company as the service business is scattered and each unit has established vested interests of its own.

Strong growth in China’s middle class and an increase in automobile ownership are expected to fuel consumption of refined petroleum products. Sinopec’s downstream operations, located primarily in China’s prosperous and fast-growing coastal provinces, have further strengthened by lowering costs, increasing refining capacity and converting coastal refineries to handle imported crude varieties.

Sinopec holds a Zacks #3 Rank, which translates into a Hold rating for a period of one to three months. For the long term, we maintain our Neutral recommendation. The company faces competition from CNOOC Ltd.