PetroChina becomes second largest oil company

Jun 21, 2007 02:00 AM

PetroChina has overtaken Royal Dutch Shell to become the world's second largest oil company by market valuation behind ExxonMobil.
Shares in the state-controlled company soared after it announced plans to raise more than $ 5.5 bn by selling four bn shares on the Shanghai stock market to fund foreign expansion. It comes after the biggest oil find on Chinese territory in three decades PetroChina said in May that the find, off China's north-eastern coast, has proven reserves of almost 3 bn barrels.

The money will be used to finance overseas acquisitions and to build refineries and pipelines in China.
PetroChina is part of the China National Petroleum Corporation.

Source / Nbr.co.nz
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