Sinopec wins nod for bond plan
Source: Xinhua |
May 19, 2010, Wednesday
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Print Edition
Print Edition
CHINA Petroleum and Chemical Corp, better known as Sinopec, won approval from shareholders in Beijing yesterday to issue up to 23 billion yuan (US$3.37 billion) of convertible bonds for refinery renovation and pipeline construction.
According to the approval at Sinopec's annual general meeting, the six-year bonds can be converted into A shares of Sinopec on the Shanghai Stock Exchange.
Wang Xinhua, chief financial officer of Sinopec, said the company's annual capital expenditure, excluding the investment amount for overseas merger and acquisition activities, will be around 120 billion yuan in the next two years.
"Sinopec will rely on its own capital and multi-channel financing to support the expansion of primary business," Wang said.
In the first four months, Hong Kong- and Shanghai-listed Sinopec, Asia's largest oil refiner, posted an annual 23.1 percent rise in refined oil, with average daily sales of 390,000 tons, Chairman Su Shulin said.
According to the approval at Sinopec's annual general meeting, the six-year bonds can be converted into A shares of Sinopec on the Shanghai Stock Exchange.
Wang Xinhua, chief financial officer of Sinopec, said the company's annual capital expenditure, excluding the investment amount for overseas merger and acquisition activities, will be around 120 billion yuan in the next two years.
"Sinopec will rely on its own capital and multi-channel financing to support the expansion of primary business," Wang said.
In the first four months, Hong Kong- and Shanghai-listed Sinopec, Asia's largest oil refiner, posted an annual 23.1 percent rise in refined oil, with average daily sales of 390,000 tons, Chairman Su Shulin said.
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