The Chinese energy company PetroChina has become the world's largest company by market value after its trading debut on the Shanghai Stock Exchange Monday. Kate Woodsome explains from VOA's Asia News Center in Hong Kong how a company that earns less than comparable operations has become so valuable.

China's top oil producer PetroChina will import some 40 percent of the crude oil it processes in 2007, up from last year's 30 percent, a company official said Saturday, June 30.

China's largest oil company PetroChina is planning to sell up to four billion shares through an initial public offering in Shanghai to fund its expansion.

The Archbishop of York has spoken of his concern that the University's investment in BAE Systems and Petrochina could prevent academic research "from being open to the truth".

Petroleo Brasileiro or Petrobras, the state oil company, said it is discussing "strategic cooperation" with Chinese petrochemical giant Petrochina.

Asia's top oil and gas firm, PetroChina Co. Ltd., said it had appointed Jiang Jiemin as the chairman of its board of directors.

Shares of PetroChina Co surged as much as 16.4 percent after the company announced China's biggest oil and gas discovery in half a century.

PetroChina, one of the two leading onshore oil producers in China, reported oil and gas production of 277 million tons of oil equivalent in the first quarter of the year, a growth of 3.7 percent, a company statement said today.

China's largest oil producer reported a gain in net profit for 2006 and FedEx will begin domestic express delivery services in China. Claudia Blume at VOA's Asia News Center in Hong Kong has more on these and other business stories from the region.