Cyclists pass under board displaying oil prices at PetroChina station in Beijing.
Cyclists pass under a board displaying oil prices at a PetroChina station in Beijing August 31, 2005. PetroChina Co. Ltd. is selling up to HK$21 billion ($2.7 billion) of shares at a discount of 5 to 7 percent, taking advantage of record oil prices that have sent its stock up 52 percent this year. Of the shares being sold later on Wednesday, about 91 percent are new shares that will help Asia's most valuable energy company finance acquisitions, a source familiar with the situation said. The remainder are existing shares that PetroChina's state-owned parent firm, China National Petroleum Corp. (CNPC), will use to pay for pension fund obligations, the source said. REUTERS/Alfred Cheng Jin EYY/DY