Asia's largest refiner, China Petroleum and Chemical Corp (Sinopec), said on Tuesday that it has received approval for a 107.1 billion yuan ($17.2 billion) capital increase for its marketing subsidiary, a big step in the country's mixed-ownership reform of State-owned enterprises.

Sinopec said that the National Development and Reform Commission, the top planning agency, and the Ministry of Commerce had approved the cash injection by 25 foreign and domestic investors into Sinopec Marketing Co Ltd.

The investors will own 29.99 percent of the unit and Sinopec will own the rest. The transaction is in progress, according to the company.