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 Bloomberg contacted her 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.