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CNPC to issue RMB 20 bln bills

Oct. 22, 2012 (China Knowledge) - China National Petroleum Corporation or CNPC, the parent company of PetroChina Co Ltd<601857><0857>, has announced it plans to issue RMB 20 billion in super short-term bills with a maturity of 270 days in the interbank market on Oct 23.

The company said in a statement that the bills will be issued at face value, and the coupon rate determined in the process of book-building.

Both value and payment due date is set on Oct 24, and the to-be-issued bills tradable Oct 25.

All the proceeds from the issue will be used to replenish working capital, said the issuer.

Industrial and Commercial Bank of China <601398><1398> and China Construction Bank Corp<601939><0939> have been hired as joint lead underwriter for the offering.

This will be the issuer's third super short-term bills this year.

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