PetroChina Company Ltd: China’s big leap forward

January 01, 1999

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Deals of the year: Tech and telecoms illustrate the ups and downs of 2000 Issuer: PetroChina Company Ltd Deal: privatization IPO Amount: $2.9 billion Date: April 7 2000 Co-ordinators: Goldman Sachs, CICC         Petrochina: showing the country's ambition Restructuring China National Petroleum Corporation, one of the world’s largest state-owned oil companies, is China’s most ambitious privatization project to date. “China has not seen a restructuring on that scale before. CNPC was not only a company, it was an industry,” says Bin Guan, research analyst on oil and gas at CICC. Before 1998 CNPC controlled China’s oil production and owned oil fields, drilling operations and refineries, interspersed with hospitals, schools and the occasional university. It employed a total of 1.5 million people. With some of CNPC’s assets and 480,000 of their workforce, PetroChina was set up from scratch as an integrated oil company with focus on upstream business. PetroChina’s new operations then had to be brought in line with the way international oil companies function, namely as an integrated company with gas, oil products, petrochemicals and distribution divisions.

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