PetroChina announces Shanghai IPO plans

PetroChina announced that it has taken all the necessary steps for its initial public offering on the Shanghai Stock Exchange, the Wall Street Journal reported. PetroChina, which is China's largest listed oil company, said it would begin its road show for the offering on October 22, and that it would likely list on the exchange in November. The company's shares reached HK$18.84 after rising 13% on the Hong Kong Stock Exchange yesterday, surpassing General Electric as the second-highest-valued listed company in the world. Company executives attribute the recent growth to high oil prices, which have been over US$80 per barrel for over a month.