The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.


All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.
BANKING

PetroChina Company Ltd: China’s big leap forward

Deals of the year: Tech and telecoms illustrate the ups and downs of 2000


Issuer: PetroChina Company Ltd
Deal: privatization IPO
Amount: $2.9 billion
Date: April 7 2000
Co-ordinators: Goldman Sachs, CICC





       
Petrochina: showing
the country's
ambition

Restructuring China National Petroleum Corporation, one of the world’s largest state-owned oil companies, is China’s most ambitious privatization project to date. “China has not seen a restructuring on that scale before. CNPC was not only a company, it was an industry,” says Bin Guan, research analyst on oil and gas at 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.








You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree