Shares in PetroChina almost trebled on it first day of trading on the Shanghai Stock Exchange.

PetroChina became the world’s first company to be valued at more than US$1 trillion (£480 billion) yesterday on its first day of trading on the Shanghai Stock Exchange.

Shares in the state-owned Chinese oil giant almost trebled as eager Chinese investors scrambled to be amongst the first to buy into the company.

With a value of $1.1tn, PetroChina is now worth more than double US oil giant Exxon Mobil ($487bn) and quadruple UK energy company BP ($248bn).

PetroChina is already listed in Hong Kong and New York. Its Shanghai listing raised almost $9bn and saw its stock start at $2.24, trading as high as $6.52, before closing at $5.90.

By Natasha Piscitelli