26 September 2005, Hong Kong – LAWFUEL – The Law News Network – Shearman & Sterling LLP has advised PetroChina Company Ltd on its US$2.7 billion follow-on offering and placement of new H shares effective from September 1, 2005. Citigroup
Hong Kong Futures and Securities Limited, Deutsche Bank and Goldman Sachs were joint bookrunners and underwriters. The firm’s Beijing and Hong Kong offices worked on this transaction.
This was a significant transaction for PetroChina in that it was its
first foray back into the international capital markets since its
initial public offering in Hong Kong and the U.S. in 2000. Net proceeds
raised from the new H share placement are intended to go toward
PetroChina’s business development efforts.