PetroChina Co. Ltd. (PTR : NYSE) has come out of nowhere and climbed to No. 2 spot for the world’s largest companies by market cap. At this rate, it will become the world’s largest company by the end of 2007. PetroChina’s stock price was surging in the last six month, and its market value was easily doubled. There is no indication that it will slow down, and it is ready to take over the crown for “The World’s Largest Company”.

Here’s top 10 list for the world’s largest companies by market cap (as of 10/31/2007):

ExxonMobile went up 14.4% while PetroChina jumped amazingly 117.4% over last 6 months. This is especially impressive because Warren Buffet pulled out of investing in PetroChina earlier this year. With the ever-growing economy in China, the demand of oil would only increase at an unbelievably pace. Soon we will see PetroChina as the world’s largest company.