China Petroleum & Chemical Corporation president, Ma Yongsheng, disclosed that its sales unit Sinopec Sales has almost completed mixed-ownership reform and will pick a proper time to file for an initial public offering.

The company has been actively preparing for the IPO, however the exact timing depends on the government’s approval and market conditions, Ma was quoted as saying, in a Beijing Business Today report.

In February 2014, Sinopec initiated the restructuring of its oil sales businesses, aiming to introduce private investors, the report said.

In March 2015, the company sold a 105 billion yuan (US$15.6 billion) stake in the sales unit to 25 Chinese and foreign investors. Sinopec Sales was established later in April 2017, eying an overseas IPO.

Previous reports had said the IPO fund-raising target of Sinopec Sales was US$10 billion, however, the latest market information shows it came down from US$ 5 billion to US$ 6 billion.