PetroChina sets IPO price for multi-billion dollar IPO

ENERGY TECH

by Staff Writers
Shanghai (AFP) Oct 25, 2007
PetroChina, the country's largest oil and gas firm, Thursday set a price for its initial public offering that is expected to raise at least 5.0 billion dollars.

The company, already listed in Hong Kong and New York, gave 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 in Shanghai, a statement said.

The price range represented a small discount to Wednesday's closing price of 19.40 Hong Kong dollars (2.6 US dollars) for its Hong Kong-listed stock. The capital raising is the latest in a slew of mega-shares issues here.

PetroChina kicked off its A-share subscription to institutional investors Thursday and will start sales to retail investors Friday.

China's blue-chip companies are returning home to cash in on the massive boom in the nation's stock market, up about 120 percent this year, after rising 130 percent last year.

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ENERGY TECH

Oil higher in Asia as US energy inventories decline

Singapore (AFP) Oct 25, 2007
Oil traded higher in Asia Thursday on news US energy stockpiles fell sharply last week and tensions rose in the Middle East after Turkish warplanes bombed Kurdish rebel camps in Northern Iraq, dealers said.

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