China National Offshore Oil Corp (CNOOC) said that the company’s oil and gas assets in UK and North America are operating normally. The company made the statement in response to media reports claiming it is planning to sell some of its overseas assets to avoid the US-led sanctions, Shanghai Securities News reported on Wednesday.
CNOOC stated that the company has no plan to quit its business operations from the specific regions as reported by the media.
The oil and gas giant is also preparing for an IPO at the Shanghai Stock Exchange scheduled for Thursday this week, which has attracted 12 heavyweight strategic investors including Sinopec, China National Petroleum Corporation (CNPC) and China Life Insurance Co, according to the prospectus it filed with the exchange.
A Reuters’ report last year quoted an industry source claiming that CNOOC is preparing to exit its operations in Britain, Canada and the US, out of concerns its assets there may become the target of the US-led sanctions.
CNOOC’s logo is displayed in front of the company’s Beijing headquarters. Photo: VCG
