PetroChina Mulls Separate Listing For Its Energy Marketing Business: Report

PetroChina Company Limited PTR is reportedly considering its marketing and trading business and seeking a separate listing.
According to the annual report, the marketing division comprises refined products, including overseas, as well as crude oil, natural gas, and chemical products. It also includes some non-oil sales in PetroChina’s gas stations throughout the country, the report said. The business employed more than 37,000 people.
Bloomberg reported that China National Petroleum Corp, the state-owned parent of PetroChina, has asked external consultants to provide proposals on the feasibility of such a plan, citing people with knowledge of the matter.
According to the report, a surge in oil prices is the reason behind considering monetizing the business.
Deliberations are at a preliminary stage, and the state-run firm has not yet finalized any decision due to the complexity of the business structures, the people said.
It was unclear whether the whole marketing business would be spun off or parts of it.
On August 12th, PetroChina announced its intention to delist its ADRs from the NYSE voluntarily.
Price Action: PTR shares are down 2.58% at $41.92 during the premarket session on the last check Thursday.