In a move to fund its projects, Asia's largest refiner - China Petroleum & Chemical Corp (Sinopec) plans to issue 6-year bonds with warrants to the tune of 30 bln yuan. Proceeds from the bond issue will be invested in two ethylene plants in Tianjin in northern China and in Zhenhai in Zhejiang province with annual capacity of one mln tons each, delivering natural gas from Sichuan province in southwest China to the east coast. Some of the proceeds will also aid in paying back bank loans.
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Sunday, September 30, 2007
Sinopec to finance projects with issue of 30 bln yuan worth 6-yr bonds
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