PetroChina Remains Top ‘Buy’ at BNP on Natural Gas Prospects

PetroChina Co. is the top recommendation among Chinese oil stocks because its natural gas business may spur growth and the stock is cheaper than rival Cnooc Ltd., according to BNP Paribas.

PetroChina had its price estimate for Hong Kong-traded shares raised 8.8 percent to HK$11.70, analyst Bradley Way at BNP wrote in a note today. China’s top planning body may encourage PetroChina to supply natural gas to the northeast region by raising prices, according to the report. Its yuan- denominated stock rose 3 percent to 11.58 yuan as of 1:34 p.m. in Shanghai, the most since Nov. 11.

To contact the editor responsible for this story: Allen Wan at awan3@bloomberg.net

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