27 June, 2020
Davis Polk advised China National Petroleum Corporation (“CNPC”) in connection with the $600 million aggregate principal amount of its 1.125% guaranteed bonds due 2023, $900 million aggregate principal amount of its 1.350% guaranteed bonds due 2025 and $500 million aggregate principal amount of its 2.000% guaranteed bonds due 2030 issued by CNPC Global Capital Limited, an indirectly wholly owned subsidiary of CNPC. The bonds were listed on the Hong Kong Stock Exchange.
CNPC is one of China’s primary oil and gas producers and suppliers and one of China’s key state-owned enterprises under the direct supervision of the State-owned Assets Supervision and Administration Commission of the State Council. CNPC is an international energy company integrating production, refining, transportation, reserves and sales, with businesses covering domestic and overseas oil and gas exploration and production, refining and chemicals, oil and gas sales, pipelines and transportation, international trade, engineering technology services, engineering and construction, equipment manufacturing, financial services and new energy development. PetroChina Company Limited, a controlled subsidiary of CNPC, was listed on the New York Stock Exchange (stock code: PTR), the Hong Kong Stock Exchange (stock code: 857) and the Shanghai Stock Exchange (stock code: 601857).
The Davis Polk corporate team included partners Howard Zhang and Gerhard Radtke, counsel – registered foreign lawyer Xuelin (Steve) Wang, registered foreign lawyers Jennifer (Yujia) Jiang and Mendtuvshin (Mendee) Enkhtaivan, and associate Cathy Yuen. The tax team included counsel Alon Gurfinkel and associate Summer Xia. Members of the Davis Polk team are based in the Hong Kong, Beijing and London offices.
