Chinese national oil company PetroChina has made the top of a list of the world’s top energy companies by market capitalisation for 2009.
The company’s $353bn market capitalisation, due to a 36% increase in its market worth, took it to the top of the list where Canada’s Suncor Energy has also rapidly risen to take a higher position from last year’s global list of the 50 most valuable energy companies.
Suncor rose to the 22nd position in 2009 from 37th in 2008.
Suncor’s market capitalisation in 2009 was $55.5bn compared with US oil company Occidental Petroleum’s $65.5bn and Russian oil company Gazprom’s $144bn, which held 20th and 10th positions, respectively.
BMO Capital Markets MD Randy Ollenberger said Suncor has the capability to improve its position on the list if it reaches its production target of one million barrels a day from oilsands, reports the Calgary Herald.