Sinochem plans $5.5bn China share flotation
China's Sinochem plans to raise up to 35bn yuan ($5.5bn, £3.5bn) from a share sale in Shanghai, which would make it the biggest in China this year.
The firm would use the money to fund an oil-refining project in Quanzhou, it said in a statement to China's ministry of environment.
Sinochem is the fourth largest energy company in China.
China's largest hydroelectric dam builder, Sinohydro, raised 13.5bn yuan in a share sale last month.
Analysts said Sinochem's sale may struggle to wet investors' appetites.
"The market may not get very excited about a listing," said Ao Chao Wang at UOB Kay Hian in Shanghai.
"Additionally the market demand is not that strong at the moment."