Shearman & Sterling's Beijing and Hong Kong offices advised PetroChina Co. Ltd. as its United States counsel on a US$2.7 billion follow-on offering and placement of H shares, which closed on September 15.  Citigroup, Deutsche Bank and Goldman Sachs were joint bookrunners and underwriters for the offering.

This was a significant transaction for PetroChina in that it was its first foray back into the international capital markets since its initial public offering and listings in Hong Kong and New York in 2000.  It was also notable for the size of the offering and the short time frame in which it was executed.