PetroChina to sell 4 bn shares

Jun 21, 2007 02:00 AM

China's largest oil company PetroChina is planning to sell up to 4 bn shares through an initial public offering in Shanghai to fund its expansion. PetroChina, one of the largest mainland companies which is already listed in Hong Kong, said it would use the proceeds to buy overseas petroleum and gas resources, fund exploration and development, and construct refinery and pipeline projects.
"Oil prices are on the rise and PetroChina must have felt that the time is ripe for it to issue A-shares," said Duncan Chan, an analyst at China Everbright Research.

Source: Neftegaz.ru
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