China Oilfield Services Ltd Plans to issue domestic bonds

OFFSHORE field services provider China Oilfield Services Ltd yesterday said it will issue up to 6 billion yuan (US$882.4 million) worth of domestic bonds.

This is the third large domestic oil company to announce a bond issue in China recently. Sinopec and PetroChina have announced plans to issue 20 billion yuan and 60 billion yuan of bonds, respectively.

China Oilfield's plan was passed by the board of directors on Tuesday and will be presented to a shareholders' meeting, the company said in a statement to the Shanghai Stock Exchange.

Further details of the bond issue will be released today, according to the statement.