PetroChina IPO could hit US$6b

PetroChina, China's largest oil and gas group, could raise up to US$6 billion with a listing on the Shanghai exchange planned for the fourth quarter of this year, the Financial Times reported. However, the deal, which will be managed by Swiss investment bank UBS, still requires approval from shareholders and the Chinese securities regulator. PetroChina is currently listed on Hong Kong's stock exchange. The IPO could be one of the mainland's largest, after Industrial and Commercial Bank of China's US$6.1 billion listing last year.