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Sinopec to sell bonds

By Wang Ying and Zhao Yidi (China Daily)
Updated: 2007-05-30 08:46

China Petroleum & Chemical Corp, the nation's largest oil refiner, plans to raise 20 billion yuan from the company's biggest bond sale to help fund a Sichuan gas project.

Shareholders have approved the domestic bond sale, Dai Houliang, chief financial officer at Sinopec, said after an annual general meeting in Beijing yesterday. The plan requires government approval.

The bond will help fund a 66 billion yuan gas project in southwestern China. Sinopec is building a pipeline and developing the Puguang field, the refiner said last August.

The company's stock has risen 73 percent in the last year compared with the benchmark Hang Seng Index's 28 percent gain.