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PetroChina Plans 60 bln Yuan Domestic Bond Issue

PetroChina Co. Ltd., PTR, announced its plan for the proposed issue of the Domestic Corporate Bonds with an aggregate principal amount...

PetroChina Co. Ltd. (PTR) announced its plan for the proposed issue of the Domestic Corporate Bonds with an aggregate principal amount of not more than 60 billion yuan in one or more tranches. The company noted that the duration of the Domestic Corporate Bonds shall be not more than 15 years.


The company said it has planned to submit this plan to its shareholoders for approval at its EGM to be held on July 31, 2008. The company added that, in addition to the shareholder approval, the Bond Issue will also require final approval from the CSRC.


PetroChina said it planned to use proceeds of the Bond Issue to satisfy the demand for mid-term and long-term capital requirements, further improve debt structure, supplement the working capital, and/or investment in several projects.