CNOOC unit seeks A-share IPO

Oil-service and engineering firm sets target of raising 3.1 billion yuan amid sluggish demand

China National Offshore Oil Corporation's oil-service and engineering unit is seeking an initial public offering on the A-share market to pay for its long-term loans amid sluggish oil demand, according to a regulatory filing on the website of the country's securities watchdog.

CNOOC Energy Technology & Services Ltd said it aims to raise about 3.1 billion yuan ($462.8 million), of which 1.5 billion yuan will be used to repay debts from banks as well as its parent company CNOOC, the prospectus on the website of the China Securities Regulatory Commission said.