PetroChina sells 3.16 billion H shares

PetroChina Co, China's biggest oil company, sold 3.16 billion Hong Kong shares at HK$6 apiece — the top end of their range — and will continue selling on the New York Stock Exchange, The Standard of Hong Kong reported. PetroChina and its parent could raise up to US$2.7billion as the company seeks to increase cash reserves to go after increasingly high-priced oil supplies.