OREANDA-NEWS. March 02, 2011. China Petroleum & Chemical Corporation (SHSE: 600028, SEHK: 0386), one of the country's top three energy producers, February 23 issued CNY 23 billion six-year convertible bonds at CNY 100 in face value each.
 
The company will pour the capital raised through the bond offering into a 800000-ton ethylene project in Wuhan, oil quality upgrade projects of refining companies in Anqing and Shijiazhuang, the Yulin-Jinan gas pipeline project and the Rizhao-Yizheng crude oil pipeline project. Up to 50 percent of the financing will be injected into the Wuhan project.

China Petroleum & Chemical Corporation estimates that the above projects will record an internal rate of return of at least 12 percent.
 
Approved total investments in these projects stand at CNY 37.224 billion. The company had pumped in CNY 5.329 billion as of June end last year.