Economy

CNOOC looking to Latin America for oil, gas

By  Wan Zhihong and Liu Yiyu (chinadaily.com.cn)
Updated: 2010-07-14 20:24

The China National Offshore Oil Corporation (CNOOC) is eyeing Argentina and other Latin American countries for oil and gas development.

CNOOC will facilitate this through a joint venture set up in March this year with Bridas Energy Holdings (BEH) of Argentina, said Fu Chengyu, president of CNOOC during a meeting with Julio de Vido, Argentinean minister of planning and development.

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He said CNOOC is pleased to the opportunity to participate in the oil and gas development in Argentina and the company is confident in the quality of the assets and impressed with the qualifications and capabilities of the people that work in the project. It's expected CNOOC will establish a fair presence in Argentina through such joint venture.

The cooperation between CNOOC and BEH will increase the business link between China and Argentina, as well as with other countries in Latin America, he said.

De Vido said that in addition to energy, they are also very interested in increasing Chinese investments in agribusiness and tourism in Argentina.

Fu said CNOOC would ensure all activities to be carried out in the joint venture project. CNOOC will also share its experiences related to the investment in Argentina with other Chinese businesses and discuss with them on other potential areas for investments in the country, so as to help further the good relations as well as economic and trade cooperation between the two countries.