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PetroChina hits record on Buffett sale, high oil
October 12, 2007 / 3:08 AM / 10 years ago

PetroChina hits record on Buffett sale, high oil

HONG KONG, Oct 12 (Reuters) - Shares in PetroChina (0857.HK) (PTR.N), Asia’s top oil and gas producer, jumped more than 8 percent on Friday to a record peak on high oil prices and after Warren Buffett’s Berkshire Hathaway Inc reduced its stake to 3.1 percent.

The billionaire investor said in a filing with the U.S. Securities and Exchange Commission that he owned about 652.88 million ordinary shares but no American depositary shares.

But Templeton’s Mark Mobius on Thursday said he was confident that PetroChina would keep heading north despite Buffett’s persistent stock sales.

PetroChina’s shares hit a record HK$16.82 on Friday. By 0302 GMT, they were up 6.6 percent at HK$16.46.

Oil prices are closing in on a record high after a surprise decline in U.S. inventories stoked concerns about supplies ahead of the heavy-consuming winter season.Oil CLc1 is hovering just shy of a life high of US$83.90 struck on Sept. 20.

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