Sinopec Oilfield Service (HKG:1033, SHA:600871) said it plans to register and issue corporate bonds of up to 5 billion yuan, according to a Monday Hong Kong bourse filing.

Hong Kong-listed shares of the oil and gas equipment manufacturer were down nearly 4% in afternoon trade on Tuesday.

The bonds may be issued in tranches with maturities of up to 20 years and will be offered publicly to institutional investors, among professional investors, the company said.

Proceeds will be used for production and operations, debt structure optimization, repayment of interest-bearing debts, and working capital replenishment, as well as for equity and project investments.