Chinese Oil Giant To Sell Shares

PetroChina, the n biggest oil company in China, plans to sell as much as $2.44 billion of stock as it increases spending globally to meet soaring demand in the country.

The company and its parent are offering 3.16 billion shares at between 75 US cents and 77 US cents, according to an e-mail to investors.

The discount to Tuesday's 81 US cents close is as much as 7 per cent.

Chairman Chen Geng is acquiring overseas fields, including the US$4.18 billion purchase last week of PetroKazakhstan Inc by the Beijing-based company's parent.

PetroChina is offering stock after its shares rose almost five-fold since they were listed in April 2000 because of record-high oil prices and demand in the world's second-biggest market.