Sinopec to sell $3.5b worth of bonds

China Petroleum and Chemical Corp. or Sinopec (SNP.NYSE, SNP.LSE, 600028.SH, 0386.HK) is planning to sell up to US$3.5 billion worth of six-year convertible bonds, state media reported. According to a statement posted on the website of the Ministry of Environmental Protection, Sinopec will allocate half of the funds for its ethylene plant in Wuhan, Hubei province, with the remainder to be used for pipelines and a processing plant. Sinopec booked a first-half net profit of US$5.2 billion, an increase of 6.7% over the previous year. The refiner, Asia’s biggest, recently said it would pay US$7.1 billion for a 40% stake in Repsol’s Brazilian unit as it looks to expand overseas operations while building on domestic growth.