China National Petroleum Corp to Issue CNY20 Bln Bonds

China National Petroleum Corp., the country's largest oil and gas producer by output, said Monday it will issue CNY20 billion (US$3.2 billion) worth of bonds to fund the construction of a project and replenish its working capital.

The company said the bonds will be evenly split with two maturity dates: seven years and 10 years.

It also said the proceeds from the sale will be used to finance the construction of an east-west gas pipeline and supplement its working capital.

China National Petroleum Corp. is the parent company of New York-, Hong Kong- and Shanghai-listed PetroChina Co. (PTR).