BEIJING, Nov. 9, 2009 (Xinhua News Agency) -- China Petroleum and Chemical Corpora tion (Sinopec)(SNP.NYSE; 600028.SH) is to float 15 billion yuan of on e-year bonds on Thursday, according to an announcement posted in the o fficial Chinabond.com.cn on Monday.

The Sinopec (NYSE:SNP) bond issuance is to adopt pubic auction to fix the i nterest rates. The debt-payment and dated date will be set on November

13, while date of quotation for trading is on November 16.

China Lianhe Credit Rating, a Chinese bond market consultant, gi ves Sinopec, the issuer of the bond, a long-term credit status of AAA,

as an A-1 rating was awarded to the bonds of this batch.

According to the announcement, Sinopec is to supplement the comp any's operation funds, optimizing the company's liability structure an d hence reducing financial costs through the issuance of the bonds.

The Industrial and Commercial Bank of China (OOTC:BACHY) (OOTC:IDCBY) (OOTC:IDCBF) (ICBC, 601398.SH) an d the China Construction Bank (OOTC:CICHY) (OOTC:CICHF) (CCB, 601939.SH) serve as major underwri ters for the Sinopec bonds.

Sinopec, China's largest oil refiner and second largest oil and gas producer, is engaged in intensive upstream oil and gas exploration

and development at home and abroad.

In the company's Q3 report, its capital expense totaled 60.28 bi llion yuan in the first three quarters, compared with a net profit of 49.714 billion yuan recorded during the same period.