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An executive briefing on energy for July 2, 2007, prepared by Asia Pulse (http://www.asiapulse.com), the real-time, Asia-based wire with exclusive news, commercial intelligence and business opportunities.
PETROCHINA HIRES UBS SECURITIES FOR SHANGHAI STOCK SALE
BEIJING - PetroChina Company Limited (PetroChina) (SEHK:0857) has hired UBS Securities Co. to help arrange its A share public offering in Shanghai this year, according to sources close to the deal.
UBS Securities Co., the China venture of Europe's largest bank in terms of assets, would probably co-underwrite the estimated 56 billion yuan (US$7.4 billion) PetroChina issue with CITIC Securities Co., China Galaxy Securities Co. Ltd. and China International Capital Co.
PETROCHINA'S CRUDE OIL IMPORTS TO JUMP ON RISING FUEL DEMAND
BEIJING - PetroChina Co. (SEHK:0857), the nation's top oil and gas producer, will import 40 per cent of the crude oil it needs for refining this year, up from 30 per cent in 2006, a company official said over the weekend.
The move highlights China's increasing reliance on imported crude oil as demand for fuel grows rapidly.