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Sunday, November 4, 2007

PetroChina's Value Tops $1 Trillion, Surpassing Exxon

Nov. 5 (Bloomberg) -- PetroChina Co. surged past Exxon Mobil Corp. to become the world's first $1 trillion company as investors in China started trading the stock.

PetroChina's Class-A shares almost tripled on their Shanghai debut today, valuing the Beijing-based state-owned oil company at as much as $1.1 trillion, more than Exxon and General Electric Co. combined.

The rally makes PetroChina shares four times more expensive relative to earnings than those of Exxon, whose sales are almost four times higher. China's entire stock market was valued at less than $1.1 trillion before tripling this year and giving the communist nation five of the world's 10 biggest companies.

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