China Ocean Shipping (Group) Company (COSCO), a major Chinese shipping agency, will issue 2 billion yuan of corporate bonds (about US$247 million) aimed at building more oil tankers and bulk carriers, China's state assets watchdog announced Saturday.

Founded in 1961, COSCO operates a variety of merchant fleets of some 600 vessels and has become a pioneer international shipping carrier in China.

The bonds, to be issued from Oct. 9 to 13, include one billion yuan of 10-year fixed-interest bonds and one billion yuan of 20-year fixed-interest bonds, according to the State-owned Assets Supervision and Administration Commission of the State Council (SASAC).

The corporate bonds are open to all domestic insurance companies, rural credit cooperatives, financial companies and fund-management companies.

(Xinhua News Agency October 9, 2005)