Can China's Revamped Oil Giant Fly On Wall Street?

Petrochina hopes to raise $5 billion

In the annals of Chinese corporate restructuring, it was a job almost on the scale of building the Forbidden City. Last summer, all 23 stories of Beijing's Taoran Hotel were taken over by an army of advisers that included 700 PricewaterhouseCoopers auditors, 50 McKinsey & Co. consultants, and lawyers from seven law firms. Investment bankers from Goldman, Sachs & Co. trekked to the remote reaches of China for field work; industry moguls like BP Amoco PLC Chairman John P. Browne dropped by to lend advice.

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