PetroChina Company Limited today issued an A-shares prospectus Letter of Intent, and published a preliminary notice for inquiry. According to sources, the Chinese oil executives will lead a roadshow team in Shanghai, Shenzhen, Guangzhou and Beijing to start inquiry agencies promote and preliminary work.
In accordance with the issue, the public offering of PetroChina will be not more than 4 billion shares, not more than 2.18% the proportion of the after the total issued share capital. October 22 to 24 for inquiry, October 25 to 26 for offline purchase, October 26 for online purchase, expected November 5 listing.
As of December 31, 2006, PetroChina's crude oil and natural gas has reached a share of 70.8% and 85.5% in the three major oil companies in China. It is the largest manufacturers in China's oil and gas industry, and is also one of the world's largest oil companies.
The company ranks No. 6 in 2006 Global 250 energy companies which was released by Platts energy, the authority in the field of global energy agency, for five consecutive years ranks first in Asia. It was also elected by 2006 Asia's most profitable companies of Asian financial.
Leading oil and gas exploration and development technologies will further consolidate PetroChina's industry leadership, to enhance the company's core competitiveness, it said.
At the same time, optimizing the efficiency of the effective up and downstream integrated business chain will be propitious to resist the risk of industry volatility, increase operational efficiency.
The company said the IPO fund-raising by will be used for crude oil production capacity-building, technical transformation of crude oil refining, to further highlight the company's upstream business, raise companies' capacity for sustainable development and ability to resist risks, and consolidate and strengthen the advantage in industry competitive.