CHINA / National

CNOOC considers listing of A shares
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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