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Sinopec seeking US$500 mln loan

Feb. 13, 2012 (China Knowledge) - Sinopec Group, the parent co of Sinopec<600028><0386>, Asia's largest oil refiner, is seeking to secure a loan worth between US$300 million and US$500 million from a consortium, sources reported.

A person familiar with the matter said the HK dollar-RMB duel currency loan will have a maturity of three year, adding that the borrower would be an overseas unit of Sinopec Group.

The Chinese oil giant has yet commented on the news.

The consortium includes Bank of Taiwan, BOC Hong Kong (Holdings) Ltd, DBS Bank Ltd, Mizuho Corporate Bank and Standard Chartered Bank. No more details have been disclosed.

In 2011, Sinopec Group spent nearly US$20 billion on international mergers and acquisitions.

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