China’s state-owned China National Petroleum Corporation (CNPC), the controlling shareholder of China’s largest oil and gas producer PetroChina Company Limited (PetroChina), has announced that it has decided to voluntarily transfer 624 million shares in PetroChina to Chinese steelmaker Baosteel. PetroChina’s share price at the Shanghai Stock Exchange closed at RMB 7.2 per share on June 17.
Accordingly, after the transfer of the shares, CNPC will hold 157.41 billion shares in PetroChina, while Baosteel will hold 624 million shares, accounting for 86.01 percent and 0.34 percent of the total equity in PetroChina, respectively.