PetroChina (PTR) Prepares To Raise More Dough

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PetroChina (PTR) will raise $8.9 billion in the world’s biggest share sale this year to expand refineries and increase output at oilfields.

According to Bloomberg, PetroChina will sell 4 billion shares at 16.7 yuan apiece, according to a statement sent to the Hong Kong stock exchange today.

So far this year, shares in PetroChina are up 80% compared to a 20% rise for Exxon (XOM)

Douglas A. McIntyre