China BlueChemical, a fertilizer unit of China National Offshore Oil, the biggest Chinese offshore oil producer, said that it would distribute 302.1 million yuan, or $39 million, to five companies that owned shares prior to its initial share sale.

China National, will be entitled to 292.1 million yuan of the distributed share, China Blue said in a statement.

China Blue, which raised 2.66 billion Hong Kong dollars, or $340 million, in its initial public offering, plans to spend 6.8 billion yuan in the next three years to raise production. The company wants to tap the increasing demand for chemicals and fuels in China prompted by economic growth that reached 10.7 percent in the first three quarters of last year.

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