Home | Join | Login | Help | Chinese | GCP | Forum
 
Logistics Zone
Members
Resources
My Jctrans
Welcome jctrans.net!
Resources
   
Focus | News | Exhibition | Policies & Law | Industry Research | Tools Online
Home > Jctrans.net > News > Business
 
 
CNOOC May Be in First Group Allowed to Sell 'A' Shares
POSTED: 11:26 a.m. EDT, May 26,2007
CNOOC Ltd, China mainland's biggest offshore oil producer, may get approval to sell local-currency denominated shares to mainland investors for a so-called A-share listing this year, Chairman Fu Chengyu said yesterday.

Should Chinese regulators approve plans by "red-chip" companies listed abroad to sell stock in their domestic market, CNOOC will be among the first batch to do so, Fu told reporters at the company's annual general meeting in Hong Kong.

China's mainland may require so-called red chip companies incorporated overseas to have at least one billion yuan (US$130 million) of annual net income before selling shares on the mainland, the Securities Times reported on May 17.

The securities regulator wants large companies to issue A shares, rather than other forms of offering such as China Depository Receipts, the newspaper said, citing people it didn't identify. China Mobile Ltd, China Netcom Group Corp Hong Kong Ltd, CNOOC and Lenovo Group Ltd are among companies likely to join the pilot program, Bloomberg News said.

CNOOC's investment in new drilling technology may help it meet output capacity targets earlier than planned, Fu said.

CNOOC will start trials in October of drilling technology that will be deployed at depths between 1,000 meters and 1,500 meters below the ocean's surface, he said at the AGM, without giving any financial details.

The mainland's oil companies are increasing capacity to gain from increasing energy demand in the world's fastest-growing major economy. CNOOC has more than doubled exploration spending as it increases overseas drilling to counter lost output at the Liuhua field in the South China Sea, damaged by a typhoon in May.

Repairs at the field are "on track right now," Fu said.

CNOOC's revenue in the first quarter fell 11 percent to 14.9 billion yuan (US$1.9 billion) as oil prices dropped and crude output decreased, the company said on April 26.
From:cri
Business>>
Print | Save


RELATED
Shell to stay in Nigeria despite turmoil (2007-5-17 8:58:00)
China's Bohai Bay may have 20 billion tons of oil reserves (2007-5-10 9:50:00)
China completes construction of massive offshore crude oil storage unit (2007-5-1 19:08:00)
More oil, gas finds likely at Bohai (2007-5-1 9:44:00)
Bangladesh considers importing edible oil (2007-4-25 8:57:00)
private oil enterprises given license to import crude oil (2007-4-24 9:33:00)
No Joint Operation with U.S. on Pakistan Soil: Official (2007-4-17 11:49:00)
Energy plan: Reliance on coal and oil to be eased (2007-4-11 10:26:00)
Asia gets boost from oil and US home report (2007-4-5 10:24:00)
Wall Street Indexes Drop on Bernanke, Data, Oil (2007-3-29 9:50:00)
China's CNOOC Aims 60 Mln T LNG Imports in 15 Yrs (2007-3-23 11:33:00)
PetroChina to dispose of stake (2007-3-21 8:00:00)

Today's Top News
 
Weekly Roundup

Freight Forwarder Korea
Forwarder in Japan
 
 
Tools Online
Cargo Tracking
Chinese Port Charge List
World Port
Country Code
Shipping Dictionary
Unite Conversion
                More>>
 
 
 
 
Home - Shipping - Airfreight - Integration - Member - Resources - My Jctrans - Links
About Us - Help - Contact Us
嶄猟利
Privacy Policy - Terms of Use
Copyright Notice 2000-2007 Jctrans.com Corporation and its licensors. All rights reserved.