PetroChina to debut Monday in Shanghai

ENERGY TECH

by Staff Writers
Shanghai (AFP) Nov 2, 2007
PetroChina said Friday it will begin trade on the Shanghai bourse on November 5 after raising nearly nine billion dollars in the nation's largest ever initial public offering (IPO).

China's biggest oil and gas producer said three billion shares of the retail portion of the issue, which are not subject to lock-up periods, will start trading Monday, according to a statement with the Shanghai Stock Exchange.

PetroChina, already listed in Hong Kong and New York, raised 66.8 billion yuan (8.9 billion dollars) in a share offer in October by selling four billion yuan-denominated A shares at 16.70 yuan each.

A strong debut for the firm has the potential to elevate PetroChina's worth over US oil giant ExxonMobil, the world's largest company by stock value with a market capitalization of more than 500 billion dollars.

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ENERGY TECH

Oil crisis exercise bares US 'impotence'

Washington (AFP) Nov 1, 2007
It's August 2009, oil prices have topped 150 dollars a barrel and a secret uranium plant has been detected in Iran.

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