Sinopec starts 20 bln yuan bond issue_财经新闻

Sinopec starts 20 bln yuan bond issue

文章来源：文章作者：发布时间：2007-11-14 08:42 字体： [大中小]　进入论坛

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Nov. 14 - China Petroleum¹ and Chemical Corp. (Sinopec) on Tuesday started issuing bonds worth 20 billion yuan (2.67 billion U.S. dollars) to finance the construction of a 2,800 kilometer natural gas pipeline² from southwestern Sichuan province to Shanghai.

All the 20 billion yuan, along with Sinopec's investment of 25.07 billion yuan, will be injected into the 63 billion yuan project. The pipeline started construction in August and is expected to provide Shanghai with 1.9 billion cubic meters of gas annually³ upon completion in 2010, the company said.

However, it didn't provide details about how it would raise the remaining 18 billion yuan.

The bonds will be issued at a par⁴ value of 100 yuan each exclusively to domestic institutional investors⁵ within three days, Sinopec said in a statement posted on its Website.

The issue breaks down to 8.5 billion yuan with a term of five years and an annual interest rate of 5.4 percent and 11.5 billion yuan with a term of 10 years and an interest rate of 5.68 percent.

The oil giant is also planning to issue 30 billion yuan in convertible⁶ bonds with warrants entitling the purchase of its shares. Some of the proceeds from the convertible bonds will be channeled into the project, the company said earlier this year.

The project includes the development of the Puguang gas field in Sichuan, the source of the pipeline and one of China's five largest gas fields, with proven reserves of 356 billion cubic meters as of the end of last year.

As Shanghai's demand for natural gas soars, China's top oil and gas producers have all looked at the eastern business hub as a major market.

China's first West-East gas pipeline, which was built by China National Petroleum Corp. and went into use in 2004, carries 1.2 billion cubic meters of gas annually to Shanghai from Xinjiang.

Its capacity is expected to reach 1.7 billion cubic meters next year.

China National Offshore⁷ Oil Corp. is also annually transporting 600 million cubic meters of gas to Shanghai from Pinghu, a gas field in the East China Sea.

Although China's natural gas output will reach 94 billion cubic meters in 2010 from last year's 58.6 billion cubic meters, the country still needs imports to fill a gap of 16 billion cubic meters annually.

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收听单词发音

1 petroleum
n.原油，石油
参考例句：
The Government of Iran advanced the price of petroleum last week.上星期伊朗政府提高了石油价格。 The purpose of oil refinery is to refine crude petroleum.炼油厂的主要工作是提炼原油。

2 pipeline
n.管道，管线
参考例句：
The pipeline supplies Jordan with 15 per cent of its crude oil.该管道供给约旦15%的原油。 A single pipeline serves all the houses with water.一条单管路给所有的房子供水。

3 annually
adv.一年一次，每年
参考例句：
Many migratory birds visit this lake annually.许多候鸟每年到这个湖上作短期逗留。 They celebrate their wedding anniversary annually.他们每年庆祝一番结婚纪念日。

4 par
n.标准，票面价值，平均数量；adj.票面的，平常的，标准的
参考例句：
Sales of nylon have been below par in recent years.近年来尼龙织品的销售额一直不及以往。 I don't think his ability is on a par with yours.我认为他的能力不能与你的能力相媲美。

5 investors
n.投资者，出资者( investor的名词复数 )
参考例句：
a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子 a cash bonanza for investors 投资者的赚钱机会

6 convertible
adj.可改变的，可交换，同意义的；n.有活动摺篷的汽车
参考例句：
The convertible sofa means that the apartment can sleep four.有了这张折叠沙发，公寓里可以睡下4个人。 That new white convertible is totally awesome.那辆新的白色折篷汽车简直棒极了。

7 offshore
adj.海面的，吹向海面的；adv.向海面
参考例句：
A big program of oil exploration has begun offshore.一个大规模的石油勘探计划正在近海展开。 A gentle current carried them slowly offshore.和缓的潮流慢慢地把他们带离了海岸。

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