SHANGHAI May 19 PetroChina (0857.HK), Asia's top oil and gas producer, said on Tuesday that it planned to issue 26 billion yuan ($3.81 billion) in medium-term corporate bills in China's interbank market to improve its financial structure.
PetroChina (PTR.N)(601857.SS) said the issuance, which has been registered by the National Association of Financial Market Institutional Investors, would start soon, without providing a detailed timeframe.
The issue would be within the authority granted by shareholders last July for the company to float up to 60 billion yuan in corporate bills, PetroChina said in a statement published in the official Shanghai Securities News.
Chinese companies have increasingly tapped the debt market to raise money amid a dearth of initial public equity offers since the fourth quarter of 2008. ($1=6.827 Yuan) (Reporting by Alfred Cang and Edmund Klamann; Editing by Ken Wills)