Sinopec plans $6.3b bond sale to fund expansion

BEIJING - China's largest refiner Sinopec Corp plans to sell 43 billion yuan ($6.3 billion) of bonds to fund project construction and upgrades, in a move to meet rising domestic demand for oil products.

The company's shareholders approved the proposal on Tuesday to sell as much as 23 billion yuan of convertible bonds, said Sinopec spokesman Huang Wensheng, adding the plan still needs regulatory approval.

Sinopec has also got approval from the China Securities Regulatory Commission to issue up to 20 billion yuan of bonds.