The world's largest refiner is to list 10 percent of its fuel marketing business on the Hong Kong Stock Exchange, a move to further open up the country's energy market, sources said.

Sinopec, the listed arm of China Petrochemical Corporation, announced that it has approved the overseas listing plans of its subsidiary Sinopec Marketing Co Ltd.

Hong Kong is the most promising destination for the IPO, said a source with the company on condition of anonymity