PetroChina Mulls Separate Listing For Its Energy Marketing Business: Report

Author: Vandana Singh | August 18, 2022 06:45am

• 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.

Posted In: PTR