Sinopec Unit Sues BNP for $47 Million for Contract Breach
Stock Chart for BNP Paribas SA (BNP)
Unipec Asia’s suit alleges that BNP Paribas breached a stand-by letter of credit, according to a complaint filed April 26 in Hong Kong’s High Court. The oil company can also pursue damages in relation to the breach of contract, according to the filing.
Julia Boyce, Paris-based spokeswoman for BNP Paribas, declined to comment when contacted by phone yesterday.
Huang Wensheng, the Beijing-based spokesman for Hong Kong- listed China Petroleum, Unipec Asia’s parent company known as Sinopec, didn’t answer four calls made to his office and mobile telephone after working hours.
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