Tuesday, December 16, 2008

Sinopec parent plans note issue

China Petrochemical Corp is planning to issue US$1.46 billion in six-month notes ahead of its purchase of Syrian oil assets, the South China Morning Post reported. The company, the parent of China Petroleum & Chemical Corp (Sinopec), reportedly wants to improve its debt structure and reduce interest costs through bond issuance and the retiring of bank loans. The paper quoted sources as saying China Petrochemical had received State Council approval for its plan to buy Syrian oil assets belonging to Canada-listed Tanganyika Oil for US$2 billion. China Petrochemical had earlier beat out a bid by India's Oil and National Gas Corp for the Syrian assets.

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