Close Menu
    Facebook X (Twitter) Instagram
    Facebook X (Twitter) Instagram
    SweetCrudeReportsSweetCrudeReports
    Subscribe
    • Home
    • Oil
    • Gas
    • Power
    • Solid Minerals
    • Labour
    • Financing
    • Freight
    • Community Development
    • E-Editions
    SweetCrudeReportsSweetCrudeReports
    Home » Sinopec seeks to raise $3.1B of fresh funds

    Sinopec seeks to raise $3.1B of fresh funds

    February 6, 2013
    Share
    Facebook Twitter LinkedIn WhatsApp

    06 February 2013, News wire – China Petroleum & Chemical Corporation, otherwise known as Sinopec, disclosed late Monday that it is looking to raise some $3.1 billion of funds, through a private placement of new Hong Kong-listed H shares.

    In its statement, Sinopec said that it agreed to sell 2.85 billion new shares for $1.09 (HKD 8.45) each, representing a 9.5 percent discount to Monday’s close of $1.20 (HKD9.34).

    The integrated crude, oil products and petrochemicals giant revealed that it plans to use the proceeds for “general corporate purposes”, but did not provide any specific details.

    Industry watchers are speculating that Sinopec could use a portion of the fund to defray costs amid a time of rapid foreign expansion.

    Sinopec is understood to be planning to buy its parent’s – China Petrochemical Corp – upstream assets in countries such as the U.K., Russia, Colombia, and Kazakhstan.

    The acquisition slated to take place in April, is aimed at putting Sinopec on par with other international oil majors like Exxon Mobil Corp., Chevron Corp. and Royal Dutch Shell PLC, whose operations globally span refining, exploration and production of oil and gas.
    *Quintella Koh, Rigzone

    Related News

    Nigeria unveils climate investment platform to unlock $500m in green finance

    President Tinubu charts a new course for Nigeria’s tax system

    Nigeria inflation drops to 23.71% in April, says NBS

    E-book
    Resilience Exhibition

    Latest News

    China to establish electric vehicle factories in Nigeria

    May 18, 2025

    Lawmaker sends Akwa Ibom youths to China for technical training on hydropower, others

    May 18, 2025

    Nigeria to close skill gap in energy sector, launches oil & gas academy

    May 18, 2025

    NIMASA reaffirms staff welfare, capacity development

    May 18, 2025

    NNPC Ltd withheld N500bn revenue in 2024 – World Bank

    May 18, 2025
    Demo
    Facebook X (Twitter) Instagram
    • Opec Daily Basket
    • Oil
    • Power
    • Gas
    • Freight
    • Financing
    • Labour
    • Technology
    • Solid Mineral
    • Conferences/Seminars
    • Community Development
    • Nigerian Content Initiative
    • Niger-Delta Question
    • Insurance
    • Other News
    • Focus
    • Feedback
    • Hanging Out With Markson

    Subscribe for Updates

    Get the latest energy news from Sweetcrudereports.

    Please wait...
    Please enter all required fields Click to hide
    Correct invalid entries Click to hide
    © 2025 Sweetcrudereports.
    • About Us
    • Advertise with us
    • Privacy Policy

    Type above and press Enter to search. Press Esc to cancel.