CHINA Petroleum & Chemical Corp, Asia's biggest refiner, plans to sell 10 billion yuan (US$1.3 billion) of short-term bonds to institutional investors to raise funds for projects and cut financing costs.

Sinopec, as Beijing-based China Petroleum is known, will sell the 182-day yuan-denominated bonds on the nation's interbank market on Monday, the company said in a statement on the official Chinabond Website yesterday. Interest rates for the bonds will be determined by the interbank market.