China Petroleum & Chemical Corp. said on Sunday that it will sell 30 billion yuan ($4.2 billion) of bonds to fund spending for building a cross-country pipeline and ethylene plants, according to a report.

The nation's biggest oil refiner, also known as Sinopec, said 300 million bonds, each with a six-year term, will go on sale on February 20 in a statement to the Hong Kong Stock Exchange today, Bloomberg news reported.

The pipeline to be built will stretch from the southwestern province of Sichuan to Shanghai, the company said. Two ethylene plants in the cities of Tianjin and Zhenhai and another in Wuhan are also planned.