Aug. 5 (Bloomberg) -- petroliam Nasional Bhd., the Malaysian oil company thatâs expanding capacity as oil prices rise, plans to almost double a sale of dollar bonds to $4.5 billion, according to a person familiar with the sale.
State-owned petronas, as the company is known, will sell $1.5 billion of five-year bonds and $3 billion of 10-year bonds priced at about 162.5 basis points more than similar-maturity U.S. government debt, the person, who couldnât be identified before a public announcement, said. The sale would be least $2.5 billion, the person said yesterday.
petronas, with operations in countries including Sudan, Vietnam, Australia and Indonesia, is investing to increase capacity after expanding oil marketing, and crude and petroleum trading, the company said in its 2009 annual report. Crude oil gained 61 percent this year on prospects for a global economic recovery driven by the U.S., the worldâs biggest energy user.
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