Sinopec Unit Sues BNP for $47 Million for Contract Breach

Unipec Asia Company Ltd., a subsidiary of China Petroleum & Chemical Corp., sued BNP Paribas SA in Hong Kong to recover $46.6 million from the French bank.

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.

China Petroleum owns Unipec Asia through its oil-trading unit China International United Petroleum & Chemicals Co., also known as Unipec.

— With assistance by Baizhen Chua, Debra Mao, and Fabio Benedetti Valentini

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