China Petroleum and Chemical Corp opened up to 30 percent of its oil retail business sector, including more than 30,000 fuel stations, pipelines and storage, to private investors, in what is being regarded as a big step toward State-owned enterprises reform.

The company, also known as Sinopec, announced on Wednesday that the board had approved the plan to introduce social and private capital for the restructuring of the company's business.

"Introducing private investors is helpful in accelerating the company's specialization processes. Under the supervision of both the investors and authorities, the company can explore new business models and raise market operation levels," a Sinopec statement noted.