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China oil firms to issue 30b yuan 3-year bills

(Agencies)
Updated: 2009-03-20 16:32

Major Chinese oil companies said on Friday that they would issue a total of 30 billion yuan ($4.4 billion) of three-year corporate bills in the interbank market next week to help fund their operations.

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China National Petroleum Corp(CNPC), the parent of PetroChina, plans to issue 20 billion yuan on Wednesday. The bills, rated AAA, will be underwritten by Industrial & Commercial Bank of China (ICBC) and Bank of Communications.

Sinopec Corp, Asia's biggest listed oil refiner, will issue 10 billion yuan next Friday. Lead underwriters are China Construction Bank and ICBC; the bills are also rated AAA.

Sinopec had previously registered medium-term bill issuance of up to 30 billion yuan with the National Association of Financial Market Institutional Investors, while CNPC had previously registered up to 80 billion yuan.

Issuance of new corporate bills is expected to rise this year, partly because of projects under the government's large economic stimulus program.