China National Petroleum Corp., the country's largest oil and gas producer by output, said Monday that it plans to sell CNY20 billion (US$3.2 billion) worth of bonds on the interbank market on Wednesday.

The bonds will be evenly split between two maturity dates: seven years and 15 years, the company said in a statement posted in the state-run China Securities Journal.

The proceeds from the sale will be used to finance the construction in China of an east-west gas pipeline and supplement its working capital, it said.

China National Petroleum Corp. is the parent company of New York-, Hong Kong- and Shanghai-listed PetroChina Co.