Beijing. PetroChina, China's largest oil firm by output, plans to sell notes worth of 11 billion yuan (US $1.6 billion) to help finance domestic and overseas expansion. It is PetroChina's first domestic debt offering this year.
On the website of Chinabond, China's largest debt-clearing house, PetroChina said it requires cash for its exploration, refining and pipeline division and the amount will rise "significantly" this year.
In May of 2009, PetroChina received approval from shareholders to sell as much as 100 billion yuan of bonds to fund its exploration, pipeline and overseas projects. It in 2009 sold 105 billion yuan of bonds.
"In 2010, PetroChina will seize favorable opportunities arising from the macroeconomic situation and expand its resources, market share and global presence," said the company.
In 2009, PetroChina spent about US $3.1 billion to expand its projects in Kazakhstan and Canada.
Reported by Cristina Gallardo, write to cristina.gallardo@ordons.com
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