China’s CNPC to sell CNY20bn of bonds on 5 January

04 January 2012 10:55  [Source: ICIS news]

GUANGZHOU (ICIS)--China National Petroleum Corp (CNPC) is planning to sell yuan (CNY) 20bn ($3.18 billion) of 270-day bonds to Chinese institutional investors on 5 January, the country’s biggest oil and gas producer said on Wednesday.

CNPC will use the money to increase working capital, the company said in a prospectus filed with national bond-clearing house Chinabond. 

Interest rates for the bonds will be decided by bidding results on 5 January, the prospectus said.

CNPC produced 107.53 million metric tons of crude oil in 2011, an increase of 2.12 million tons from 2010.

($1 = CNY6.29)

For more on CNPC visit ICIS company intelligence

By: Fanny Zhang
+65 6780 4359

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