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Sinopec To Issue Convertible Bonds & Set Up Ethylene JV
0386.HK, 600028.SH, China Petroleum & Chemical Corporation, SABIC, SNP, Saudi Basic Industries Corporation, Sinopec, Sinopec Corp.
Posted by: Li Jun on Feb 01, 2008 | 17:02
Editorial Summary
China Petroleum & Chemical Corporation (Sinopec Corp.) (600028.SH; 0386.HK; NYSE: SNP) and Saudi Basic Industries Corporation (SABIC) signed a framework agreement on Thursday to set up a joint venture company and build an ethylene derivatives plant with an annual capacity of one million metric tons, reports cnstock.com. The 50:50 equal share JV will be invested approximately US$1.7 million in total. The complex is scheduled to be completed by September 2009, said the report.
Sinopec's proposal to issue convertible bonds worth RMB30 billion was approved by the China Securities Regulatory Commission (CSRC) on Thursday, according to a Friday filing with the Shanghai Stock Exchange.
Shares of Sinopec fell 3.07 percent to close at RMB16.44 on Friday in Shanghai.
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