PetroChina has become the second-largest company in China by market value after it overtook the Industrial and Commercial Bank of China. Bloomberg reported that the oil major’s stock had soared by 42% since the start of the year, bringing its market value to the equivalent of some $244 billion. The surge was a result of higher oil prices that have lifted energy stocks around the world. PetroChina had the added advantage of a strong recovery in domestic oil demand, which led to record profits and dividend payouts, contributing to…
