China Knowledge reported that PetroChina Co Ltd, China largest oil producer has received approval from the China Securities Regulatory Commission to issue up to CNY 40 billion of bonds.

The company said in a statement that it will float the bonds in tranches. The oil producer will sell at least CNY 20 billion of bonds in the first tranche that will be completed within six months after getting regulatory approval and issue the remaining bonds within 24 months.

In the first quarter of this year, the company's net profit rose 5.81% YoY to CNY 39.15 billion and its core business revenue grew 17.86% to CNY 525.65 billion.

Source - China Knowledge

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