PetroChina raises 66.8 billion yuan

PetroChina Ltd., the country’s top oil and gas producer, said it raised 66.8 billion yuan (US$9.0 billion) from the issue of 4 billion A-shares after pricing the shares at 16.7 yuan (US$2.25), the top end of its indicated range. In a statement filed with the Shanghai Stock Exchange in October, the company said the price represents 22.44 times the company’s diluted earnings for 2006. A-shares of PetroChina started trading on the Shanghai Stock Exchange on November 5. The company said it plans to use the bulk of the funds raised for refinery and oil exploration projects, including upgrading the Dushanzi refinery in the north-western region of Xinjiang and a production boost at its Changqing and Daqing fields. (October 25, 2007)