PetroChina Company Ltd: China’s big leap forward
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Issuer: PetroChina Company Ltd
Deal: privatization IPO
Amount: $2.9 billion
Date: April 7 2000
Co-ordinators: Goldman Sachs, CICC
Before 1998 CNPC controlled China’s oil production and owned oil fields, drilling operations and refineries, interspersed with hospitals, schools and the occasional university. It employed a total of 1.5 million people.
With some of CNPC’s assets and 480,000 of their workforce, PetroChina was set up from scratch as an integrated oil company with focus on upstream business.