Chinese oilco’s similarities with IOCs are as important as their differences – perhaps more so.
Once upon a time, PetroChina was the world’s most valuable company, clocking in at $1,000bn in November 2007. Those days are over: today, the Chinese state oil and gas producer is worth $235bn. That may be more realistic – ExxonMobil has a market capitalisation of $380bn. PetroChina is a different oil company today, however, judging from Thursday’s first-half results. The question is whether it is a more investible one.
Read the article from Lex on the FT site: PetroChina / Cnooc - FT.com
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