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PetroChina is China's most significant oil concern and is primarily owned jointly by the People's Republic of China and its largest state-owned energy enterprise, China National Petroleum Company (CNPC).
CENTERFORSECURITYPOLICY: Attachment to 00-C 33
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PetroChina's shares are trading in New York and Hong Kong at 20 times this year's earnings other big oil companies trade at half that and at some 50 times earnings in Shanghai.
ECONOMIST: A heady public offering in Shanghai
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As you are aware, PetroChina is a subsidiary largely owned by the China National Petroleum Corporation (CNPC), which is itself a state-owned entity controlled by the government of the People's Republic of China (PRC).
CENTERFORSECURITYPOLICY: Center For Security Policy
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Letters were also sent by some members of the Coalition to the core group of investment banks which underwrote the PetroChina initial public offering to alert them yet again to the aforementioned issues.
CENTERFORSECURITYPOLICY: Center for Security Policy | PetroChina Coalition Urges American Shareholders to Divest �� and to Expand Political Risk�� Assessments
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PetroChina subsequently ran into its own policy controversy, thanks to its reported intentions to lay off up to 800, 000 workers, its plan to despoil Tibet and its complete operational and financial subordination to CNPC and, in turn, to its owner the government of China.
CENTERFORSECURITYPOLICY: Center for Security Policy | Broad-Based Coalition Plays Pivotal Role in PetroChina��s I.P.O. �� And Market��s Bleak View of Chinese State-Owned Enterprises
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In the case of PetroChina Co Ltd, the RSI reading has hit 30.0 by comparison, the universe of energy stocks covered by Energy Stock Channel currently has an average RSI of 40.7, the RSI of WTI Crude Oil is at 23.6, and the RSI of Henry Hub Natural Gas is presently 63.2.
FORBES: Shares of PTR Now Oversold