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43

PetroChina Goes Public On Shanghai Market

PetroChina will go public on Shanghai's A-share market next month

PetroChina will go public on Shanghai's A-share market next month, said PetroChina Chairman Jiang Jiemin yesterday.

"The procedure has been finalized and we are now waiting for a window of opportunity," said Jiang. PetroChina has already been listed on the Hong Kong capital market.

Jiang also warned that China's dependence on oil imports would edge up slightly and the increase would likely continue to 2020, by which time per capita GDP is expected to have quadrupled against 2000 levels.

Jiang said China has already implemented a package of measures to save energy, explore domestic energy sources and find clean alternatives to replace oil and coal, which are currently the backbone of China's energy mix.

For example, Jidong Nanpu field, just two hours from Beijing, has already become the nation's largest oilfield, with current reserves estimated at 1.2 billion tons.