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PetroChina studying massive listing plan
By Xie Ye (China Daily)
Updated: 2004-07-27 08:36

PetroChina, the nation's largest oil producer, said yesterday that the firm is still studying plans for a domestic listing which would be the largest-ever share-offering on the Chinese market, a spokesman said yesterday.

A specific timetable has yet to be drawn up on the listing, the spokesman said.

"We have been studying the plan and doing the market research for three years. Now we are continuing that process," said Bi Jianguo, PetroChina's spokesman.

PetroChina raised US$2.9 billion in a dual-listing in Hong Kong and New York in 2000. The company announced in 2001 that it was planning the largest-ever domestic listing to finance the US$14.5 billion west-east gas pipeline.

But few developments on the listing have been announced since then.

The Financial Times reported on Sunday that PetroChina is planning to raise US$3.6 billion to US$4.8 billion on the domestic market to fund overseas expansion plans.

The 21st Century Business Herald, an influential Chinese newspaper, indicated that the listing could be imminent as PetroChina has designated China International Capital Corp (CICC), CITIC Securities, and China Galaxy Securities as underwriters. CICC is the lead underwriter.

The PetroChina spokesman yesterday refused to disclose how much the company expected to raise.

Market analysts said PetroChina's domestic-listing is not a surprise. It is a tendency among large overseas listed companies to offer additional shares on the domestic market where prices are relatively higher.

PetroChina's rival Sinopec, the nation's second-largest oil company, was listed in Shanghai in 2001, raising 11.8 billion yuan (US$1.4 billion) after the company floated on the New York, London and Hong Kong markets.

But analysts doubted that PetroChina listing could soon receive regulatory approval. They said the regulators are concerned that the huge listing may further dilute the liquidity of the market and sap the investors' enthusiasm. The stock market hit lows amid liquidity concerns.

When asked how the proceeds will be used, PetroChina spokesman Bi said the firm is an integrated company covering business from oil exploration and development to the refinery and oil products marketing.

Analysts said cash-rich PetroChina may raise funds to finance its overseas expansion plan to improve oil production.

PetroChina's domestic oil production has remained flat for years as most of its oil fields such as Daqing - the nation's largest oil field - are depleting.

The company last year made its first step overseas by acquiring US Amerada Hess's oil equities in Indonesia for US$82 million.

"PetroChina listing is a matter of time," said Mark Po, an analyst at Kim Eng Securities. "And the proceeds are depended on the size of the overseas acquisition."

Po also said the company may use the proceeds to fund its offshore exploration.

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