PetroChina suffers biggest loss in the world

Baku. 6 November. REPORT.AZ/ China’s largest oil and gas producer PetroChina has faced the biggest challenge in its history.

Report informs referring to USA Today, capitalization of the company fell by 5 fold from $ 1 trillion to $ 200 billion in last 10 years.

PetroChina debuted on the stock exchange in 2007 after privatization becoming the first $ 1-trillion company in the world. 

Ten years later, almost to the date, PetroChina shares have dropped by a staggering 82%, wiping out shareholder value of $ 800 billion.

At the time privatization of PetroChina oil price was $ 68/barrel. Currently oil is sold for $ 62 per barrel.

Notably, Its collapse is estimated as the biggest loss in the global market.