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SHANGHAI: China National Petroleum Corp , the country's top oil company, plans to issue 20 billion yuan ($3.13 billion) in bonds, three sources familiar with the plan told Reuters on Tuesday.
The plan is still subject to regulatory approval, the sources added.
"The approval should come soon and the bonds will be issued soon after national day holidays in October," said one source.
Two sources said the bonds will likely comprise of maturities of five years and seven years.
China Galaxy Securities and Citic Securities are underwriters for the deal, the sources said.
CNPC declined to comment.
Copyright Reuters, 2011
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