PetroChina became the first company in the world to be valued at more than $1,000bn yesterday after a dramatic stock market debut in Shanghai that saw its shares surge by 163 per cent.

The huge jump in the company's share price, which surprised analysts, gave the state-controlled oil group a market value of more than double its nearest rival, Exxon Mobil, which was worth $488bn at the close of trading on Friday in New York.