Unipec sues BNP Paribas

Unipec Asia Company Ltd, a subsidiary of China Petroleum and Chemical Corp, has sued BNP Paribas in Hong Kong to recover $46.6 million (Dh171.2 million) from the French bank. Unipec Asia's suit alleges that BNP Paribas breached a stand-by letter of credit, according to a complaint filed on Thursday in Hong Kong's High Court. The oil company can also pursue damages in relation to the breach of contract, according to the filing. Julia Boyce, Paris-based spokeswoman for BNP Paribas, declined to comment when contacted by phone on Friday. Huang Wensheng, the Beijing-based spokesman for Hong Kong-listed China Petroleum, Unipec Asia's parent company known as Sinopec, didn't answer four calls made to his office and mobile telephone after working hours. China Petroleum owns Unipec Asia through its oil-trading unit China International United Petroleum and Chemicals Co, also known as Unipec.