Aug. 13, 2012 (China Knowledge) - PetroChina Co Ltd<601857
>, China's largest oil producer, said Friday that it has received approval from the China Securities Regulatory Commission
to issue up to RMB 40 billion of bonds.
The company said in a statement that it will float the bonds in tranches.
The oil producer will sell at least RMB 20 billion of bonds in the first tranche that will be completed within six months after getting regulatory approval, and issue the remaining bonds within 24 months.
In the first quarter of this year, the company's net profit rose 5.81% YoY to RMB 39.15 billion, and its core business revenue grew 17.86% to RMB 525.65 billion.