Reuters: Financial Services and Real Estate: Sinopec unit sues BNP Paribas for $47mln - report

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Sinopec unit sues BNP Paribas for $47mln - report Apr 29th 2012, 12:53 HONG KONG, April 29 | Sun Apr 29, 2012 8:53am EDT HONG KONG, April 29 (Reuters) - A unit of China Chemical & Petroleum Corp , also known as Sinopec, has sued French bank BNP Paribas SA in a Hong Kong court to recover $46.6 million for breach of a contract, Bloomberg reported. Citing court documents, the report said Sinopec's unit Unipec Asia Co Ltd, alleged that BNP Paribas breached a stand-by letter of credit, according to a complaint filed in Hong Kong's High Court on Apr 26. The oil company can also pursue damages in relation to the breach of contract, the report added. Neither Sinopec nor BNP could be reached for comment. Sinopec, Asia's largest refiner, owns Unipec Asia through its oil-trading unit China International United Petroleum & Chemicals Co, also known as Unipec, the report added. (Reporting by Denny Thomas; Editing by Sophie Walker)

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