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PetroChina Aims for Shanghai Listing in November: Report


PetroChina, Asia's biggest oil producer, aims to list its shares in Shanghai in November to raise about 50 billion yuan ($6.61 billion), sources close to the situation said on Thursday.

PetroChina had hired Swiss investment bank UBS' Beijing-based joint venture and CITIC Securities, China's top stock broker, to handle the offer, the sources said.

Investment bankers from UBS Beijing and CITIC Securities had been working on preparations for PetroChina's Shanghai listing for several months and top management of PetroChina had asked bankers to help secure a listing in November, said the sources, who declined to be identified.

In June, PetroChina said it planned to sell up to 4 billion shares in Shanghai and use the money to pay for overseas acquisitions and exploration, the latest in a wave of big mainland firms to turn to the country's red-hot domestic stock market.

But the company did not give a time frame for its planned Shanghai listing. Officials at PetroChina could not immediately be reached for comment.

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