PetroChina Co., a listed unit of state-owned China National Petroleum Corp., said Wednesday it plans to sell up to 4 billion yuan-denominated A shares in a public offering in Shanghai to raise money for exploration and development, construction of a refinery and overseas acquisitions.
PetroChina, which is listed in Hong Kong and has American Depositary Receipts that trade in New York, did not disclose a target price for its share sale in Shanghai.
Using PetroChina's closing price of shares listed in Hong Kong Wednesday, the Shanghai stock sale would be valued at up to US$6 billion (euro4.5 billion).
"Generally, the H-shares in Hong Kong have been a good guideline for the Shanghai A shares," said Garry Evans, an equity strategist with HSBC Securities Inc. in Hong Kong. H-shares are the Hong Kong-listed shares of China-based companies.
Other Chinese state companies in Hong Kong have recently applied to list in Shanghai, including China Cosco Holdings Ltd., which announced Tuesday that it had raised 15.13 billion yuan (US$1.99 billion; euro1.48 billion) in a share offering ahead of a June 26 listing on the Shanghai Stock Exchange.
Last Friday, China Construction Bank Corp., one of China's Big Four state-owned banks, said it will seek shareholder approval and regulatory clearance to sell up to 9 billion A shares in Shanghai.
PetroChina said in a statement to the Hong Kong Exchange it will use money from the Shanghai sale for "exploration and development of our domestic petroleum and gas resources; the construction of our large-scale refinery, petrochemical and gas pipeline projects; and the acquisition of overseas petroleum and gas resources."
In May, PetroChina announced the discovery of proved reserves of 516 million metric tons, or 3.72 billion barrels of oil equivalent, of crude oil and natural gas in China's Bohai Bay. Along with probable and possible reserves of an additional 500 million metric tons, or 3.6 billion barrels, of crude oil, the company said it was the biggest petroleum discovery in China in more than 30 years.
PetroChina shares rose 5.2 percent to HK$11.74 Wednesday in Hong Kong.
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