CHINA / National

CNOOC planning domestic share listing
Updated: 2006-06-30 21:14

CNOOC Ltd., China's largest offshore oil producer, plans to issue shares on a mainland stock exchange, a state-run newspaper reported Friday, citing the company's chairman.

"We have such a plan now," the China Securities Journal quoted chairman Fu Chengyu as saying.

Fu gave no timeframe for the domestic listing, saying its timing is not just up to the company, since it would require regulatory approval.

CNOOC has shares traded in both Hong Kong and New York.

Fu also said CNOOC plans a large investment in the development of offshore wind power generation, but he didn't elaborate, the report said.

Officials at CNOOC Ltd. were not immediately available for comment Friday.

China recently resumed initial public offerings on its domestic bourses after a yearlong moratorium for shareholding reforms.

Shares in the country's second biggest lender, Bank of China, are due to begin trading next Wednesday following a US$2.5 billion IPO last week -- the country's largest ever.

Regulators have pledged to allow more IPOs by major corporations as they seek to improve the quality of companies listed on the exchanges.

CNOOC's shares rose 2.48 percent Friday to 6.2 Hong Kong dollars (32 U.S. cents)


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