Mubasher: China’s Sinochem Energy, a subsidiary of Sinochem Group, has reached an agreement to sell a 20% stake to five companies owned by the Chinese government for CNY 11.56 billion ($1.65 billion), Reuters reported on Saturday.

The acquirers include financial investment arms of Agricultural Bank of China and Industrial Bank of China, in addition to Citic Securities Investment Company.

Sinochem Energy operates Sinochem Group’s oil and petroleum products trading, refining, storage, and logistics, along with distribution and retail businesses.

In September, Sinochem Energy was in talks with Royal Dutch Shell and Macquarie Group to build an energy blockchain platform.