China Petrochemical Corp. , Asia’s biggest refiner, agreed to borrow $5 billion, an increase of $1.2 billion from its original plan, to fund overseas acquisitions, according to a person familiar with the matter.
China International United Petroleum & Chemical Corp., the nation’s biggest oil trader, is still negotiating a 2012 crude supply contract that was scheduled to be agreed on last year with National Iranian Oil Co., according to two people with knowledge of the talks.
Refiners in Japan are holding off from signing oil-supply contracts from Iran, four people with knowledge of the talks said, while China International United Petroleum & Chemical Co. agreed to most terms of a 2012 deal with the Islamic republic, according to three other people.
Unipec, the trading unit of China’s largest refiner, booked a supertanker to ship Iranian crude this month as the Persian Gulf nation continues to supply its biggest customer before Europe bans its oil exports.
China Petroleum & Chemical Corp., the nation’s largest oil refiner, started an investigation after receiving complaints that its gasoline had stopped some cars in Henan from starting while others spouted red or black liquid.