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SHANGHAI - PetroChina, China's largest oil and gas producer, is to make what may be the country's largest share float, raising more than US$9 billion ($12.10 billion).
PetroChina did not say when it would list in Shanghai, but listings generally occur within about 10 days of the completion of floats. .
The current record for a float in China's stock market is held by coal producer Shenhua Energy, which raised 66.58 billion yuan ($11.90 billion) in its Shanghai offer last month.
PetroChina has said it needs 37.8 billion yuan for five projects to construct oil fields, upgrade technology and expand ethylene capacity. Surplus proceeds will supplement the company's working capital.
- Reuters
