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PetroChina Shanghai IPO attracts record 440 billion dlrs: report

by Staff Writers
Shanghai (AFP) Oct 29, 2007
PetroChina, the country's largest oil and gas producer, has attracted a record 3.3 trillion yuan (440 billion dollars) in orders for its Shanghai initial public offering, state media said Monday.

Demand exceeded the previous record set by China's top coal company, Shenhua Energy, which drew 2.67 trillion yuan in a share offer last month, the China Securities Journal reported.

PetroChina, which has set an indicative price range of 15.00 to 16.70 yuan (2.00 to 2.22 US dollars) each for up to four billion yuan-denominated A-shares, is scheduled to announce the IPO price on Tuesday.

PetroChina kicked off its A-share subscription on Thursday last week, ahead of a likely November 5 listing, in the latest mega-share issue here.

China's blue-chip companies are returning home to cash in on the massive boom in the nation's stock market, up more than 110 percent this year, after rising 130 percent last year.

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High oil prices hit Chinese petrol stations
Beijing (AFP) Oct 28, 2007
Fuel shortages were reported at petrol stations throughout China Sunday as the cost of oil on the domestic market lagged behind record global prices, prompting refiners to slow deliveries.

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