13 Nov 2011

Big share float by energy company in China

5:38 am on 13 November 2011

Sinochem plans to raise up to 35 billion yuan ($US5.5 billion) from a share float in Shanghai, which would make be the biggest in China this year.

In a statement to China's ministry of environment, the company said it would use the money to fund an oil-refining project in Quanzhou.

Sinochem is the fourth largest energy company in China.

China's largest hydroelectric dam builder, Sinohydro, raised 13.5 billion yuan in a share sale last month.