06 September 2002 03:00 [Source: ICIS news]
SINGAPORE (CNI)--PetroChina, China's state-owned gas, oil and petrochemical major, has been given approval by the State Development Planning Commission (SDPC) to launch a Rmb1.5bn ($181.22m/Euro182.61m) domestic bond issue, a company spokesman told CNI on Friday.
The spokesman added the proceeds will be used to supplement the capital the company needs in its oil and gas development work.
PetroChina has decided to opt for a domestic loan issue rather than a bank loan because of its lower interest rates, he said.
The company is in the process of preparing the launch of the bond issue.
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