PetroChina Mulls Separate Listing For Its Energy Marketing Business: Report
$PTR
Oil & Gas Production
Energy
- PetroChina Company Limited (NYSE:PTR) is reportedly considering its marketing and trading business and seeking a separate listing.
- According to the annual report, the marketing division comprises refined products, including overseas, as well as crude oil, natural gas, and chemical products. It also includes some non-oil sales in PetroChina’s gas stations throughout the country, the report said. The business employed more than 37,000 people.
- Bloomberg reported that China National Petroleum Corp, the state-owned parent of PetroChina, has asked external consultants to provide proposals on the feasibility of such a plan, citing people with knowledge of the matter.
- According to the report, a surge in oil prices is the reason behind considering monetizing the business.
- Deliberations are at a preliminary stage, and the state-run firm has not yet finalized any decision due to the complexity of the business structures, the people said.
- It was unclear whether the whole marketing business would be spun off or parts of it.
- On August 12th, PetroChina announced its intention to delist its ADRs from the NYSE voluntarily.
- Price Action: PTR shares are down 2.58% at $41.92 during the premarket session on the last check Thursday.