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British Firm Invests US$10 Million in CNOOC Equity
CGU-CDC China Capital Partners has made its first investment in China, by investing 10 million US dollars in equity in China National Offshore Oil Co., Limited (CNOOC), ahead of the Chinese company's global stock market listing scheduled for the first quarter of 2001.
CGU-CDC China Capital Partners is a joint venture between CGU, the largest British insurance company recently renamed CGNU, and CDC, an investment company solely owned by the British government.
The joint venture was formed in June 1999 to provide venture capital to profitable businesses operating in China.
CNOOC Limited was formed on October 1, 1999, through the reorganization of its parent company, the China National Offshore Oil Corporation, and is one of the world's largest oil exploration and production companies.
According to an announcement by the CGU-CDC China Capital Partners here today, its investment will be used to assist in the financing of CNOOC Limited's exploration and development operations to tap large proven but undeveloped reserves for growth.
Richard Huges, CGU-CDC China Capital Partners' Chief Representative in Beijing, said: "We are very excited about our first investment in China. In particular, I am delighted to be able to work with the CNOOC management team -- an experienced and professional one of international quality caring for shareholders' value."
Noting that the company has made its first investment somewhat earlier than anticipated at its launch, he said this reflected the quality of CNOOC and his company's confidence in the future economic development of China.
He added that the company is looking to work with other management teams like the one at CNOOC.
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