Solid first-half profits at China’s state-owned oil companies have paved the way for further expansion overseas as the country’s oil needs continue to rise.
Sinopec, the world’s second-largest oil refiner, said on Sunday it intended to raise up to Rmb50bn ($7.8bn) through the sale of bonds and convertible bonds to fund projects, boost working capital and pay debts. The instruments will be issued or placed with existing shareholders, Sinopec said.
The fundraising plan accompanied the company’s announcement of a 12 per cent rise in net profit to Rmb41bn, in the first half of the year, beating analysts’ expectations.
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