By Wayne Ma
China Life Insurance said in a statement Sunday it entered into an agreement to buy a 2.8% stake in the marketing unit of China's largest oil refiner for 10 billion yuan ($1.63 billion).
The announcement comes after refining giant China Petroleum & Chemical Corp., known as Sinopec, said it planned to sell up to a 30% stake in its sales-and-marketing business to outside investors--in a nod to Beijing's recent efforts to reform state-owned companies and encourage a mixed-ownership economy.
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