CNOOC considers listing of A shares
(Agencies)
Updated: 2006-07-21 11:05 CNOOC Ltd., China's largest
offshore oil producer, is considering selling yuan-denominated shares on the
mainland as the company seeks funding for potential acquisitions in Asia and
Africa, chairman Fu Chengyu said.
CNOOC, listed in overseas markets such as the United States and Hong Kong,
needs to seek clarification on the requirements and listing rules to sell A
shares, Fu said in Beijing on Wednesday.
CNOOC is raising funds to help secure oil and gas assets abroad to meet
domestic energy demand.
The company has spent more than US$2.7 billion on acquisitions in Africa this
year and last month got a loan of 12.8 billion yuan (US$1.6 billion) from
Export-Import Bank of China for spending on projects in countries including
Nigeria.
"Investors in China are clamoring for companies like CNOOC to list locally.
For us, it's another avenue to tap funding, which the Chinese market has in
abundance now," Fu said.
"We don't yet have a specific time frame for plans to sell shares
domestically," he said.
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