PetroChina Surpasses GE as Second-Biggest Company

Discussion in 'Stocks' started by ASusilovic, Oct 15, 2007.

  1. PetroChina Co. gained the most in five months in Hong Kong trading as oil rose to a record above $85 a barrel, vaulting the state-owned oil producer over General Electric Co. to become the world's second-largest company.

    The stock climbed 13 percent, valuing Beijing-based PetroChina at HK$3.36 trillion ($434 billion), compared with General Electric's $420 billion. Asia's biggest company is closing in on Exxon Mobil Corp.'s $518 billion value.

    The rally, part of a record year for Chinese stocks, underscores PetroChina's key role in supplying oil to the world's fastest-growing major economy. U.S. billionaire Warren Buffett sold more than half of his stake in PetroChina this year. The stock has soared 14-fold since its 2000 public share sale.

    Seems geopolitical power structure changing a little bit...