By Shangguan Zhoudong (chinadaily.com.cn)
Updated: 2007-10-30 15:55

PetroChina, one of China's biggest oil and gas producers, will raise 66.8 billion yuan (US$8.9 billion) in the biggest share sale of the year, the China Securities News reported today.

The oil producer will sell four billion shares at 16.7 yuan apiece, according to a statement today.

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The share sales are bigger than Shenhua, the country's biggest coal producer, which sold 66.6 billion yuan worth of sharesin September. PetroChina's will also rank among the world's biggest initial public offerings (IPOs) this year.

PetroChina has attracted a record 3.37 trillion yuan in applications for its Shanghai listing, topping Shenhua's 2.66 trillion yuan.

The statement shows that a total of 484 investors will attend the off-line allotment, more than Shenhua's 465 investors and China Construction Bank's 432.

Large-sized funds, insurance companies, securities companies, and financial companies are major investors in the share issuance.

According to the statement, a total of three billion A shares, accounting for 75 percent of shares for sale, will be available via an online offering.

PetroChina will use the proceeds from its IPO to fund expansion of its facilities. Its stock is expected to make its trading debut on November 5.