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CNPC To Sell Bonds
Source: Bloomberg News |
September 9, 2011, Friday
|
Print Edition
Print Edition
CHINA National Petroleum Corp plans to sell 20 billion yuan (US$3.1 billion) of 10-year bonds, according to three people familiar with the matter.
Sixteen billion yuan will be used to fund the second West-East gas pipeline project and 4 billion yuan will be used to cover operation costs, said the people, who asked not to be identified because the details are private.
China Galaxy Securities Co was hired to manage the bond sale, the people said. China International Capital Corp, China Development Bank Corp, Hong Yuan Securities Co, Guotai Junan Securities Co and Citic Securities Co are also helping, the people said.
CNPC will finish construction of its second pipeline by 2012, the Beijing-based company said in a statement on its website on July 20. Natural gas from central Asia will reach the Guangxi Zhuang Autonomous Region and Hong Kong by then, it said.
Sixteen billion yuan will be used to fund the second West-East gas pipeline project and 4 billion yuan will be used to cover operation costs, said the people, who asked not to be identified because the details are private.
China Galaxy Securities Co was hired to manage the bond sale, the people said. China International Capital Corp, China Development Bank Corp, Hong Yuan Securities Co, Guotai Junan Securities Co and Citic Securities Co are also helping, the people said.
CNPC will finish construction of its second pipeline by 2012, the Beijing-based company said in a statement on its website on July 20. Natural gas from central Asia will reach the Guangxi Zhuang Autonomous Region and Hong Kong by then, it said.
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