When shares of PetroChina (PTR) begin to trade on the Shanghai exchange on Monday, they may double from their IPO price. The company raised $9 billion in its offering.
According to Reuters "local currency A shares in China’s largest oil and gas producer are likely to close around 35 yuan on their first day of trade, up from their IPO price of 16.70 yuan"
Being a huge oil company in China where the demand appears to be endless is clearly a good business. That is, at least, until supplies dry up.
Douglas A. McIntyre
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