(Corrects the company name abbreviation in the headline.)
China National Petroleum Corp. (CNPZ), the nation’s biggest oil producer, plans to sell 20 billion yuan ($3.18 billion) of 270-day bonds on Jan. 5, the company said in a statement.
The money will be used for working capital, the company said in a prospectus filed with Chinabond, the nation’s bond clearing house. Industrial & Commercial Bank of China Ltd. and Bank of China Ltd. are the lead underwriters of the bond, the document said.
The company produced 107.53 million metric tons of crude oil in 2011, according to its online newsletter.
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