Feb. 9, 2012 (China Knowledge) - Sinopec<600028
>, Asia's largest oil refiner, is expected to float RMB 30 billion of corporate bonds in March this year, said sources close to the matter on Wednesday.
The corporate bonds will be traded on the Shanghai Stock Exchange
, according to the sources.
China Petrochemical Corp or Sinopec Group will provide guarantee to the bonds.
In February 2011, the oil giant issued RMB 23 billion worth of convertible bonds that could be convertible into Shanghai-listed
A shares six months after the issue date at an initial conversion price of RMB 9.73.
In 2011, Sinopec Group's crude oil output climbed 7.6% year on year to 65.6 million metric tons and its oil-refining capacity hit 230 million metric tons at the end of last year.