Sinopec to build lube plant in Singapore

China Petroleum & Chemical Corp. Ltd. (Sinopec) said that its board has given the green light for its note issuance plan, sources reported. According to the report, the oil refiner plans to issue up to US$3 billion in medium-term U.S. dollar-denominated notes in the domestic market. The company did not disclose the use for the proceeds. Meanwhile, the National Development and Reform Commission, China’s top economic planner, has approved Sinopec’s plan to build a lubricating oil plant in Singapore, according to a statement posted on the NDRC’s website. The NDRC did not elaborate on the statement. (January 13, 2010)