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Sinochem unit of Chinese oil and petroleum company Sinochem Group has decided to sell 20% of their stakes at worth $1.65 billion to five national firms. Agricultural Bank of China, Industrial Bank of China and Citic Securities Investment Co. are the corporate investors. ChemChina has also approached for funding of $10 million to the group. Frank Ning Gao Ning, chairman of both companies has encouraged collaboration only after resolving individual debt issues.
