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Shell to Buy 20% Share of CNOOC in Its First Public Raise
It is learnt from Shell (North East Asian) Group that the Royal Dutch/Shell Group has agreed to purchase a 20 percent share in the first public raise by China National Offshore Oil Corporation (CNOOC) which plans to get listed overseas early next year. The highest investment value will reach US$300 million.
In addition, Shell Overseas Investment Co. Ltd., the wholly-funded subsidiary of Shell Group, signed a strategic alliance agreement with the CNOOC on Monday to jointly seek opportunities for extensive cooperation in oil/gas exploration and production as well as natural gas marketing.
The agreement includes these main contents: both sides shall jointly explore and extract the oil/gas fields of the Bohai Bay and the natural gas resources in the East China Sea, 350 km to the southwest of Shanghai; both sides shall jointly develop the natural gas market in China's eastern region, regions involved include Shandong, Anhui, Henan, Jiangsu, Fujian and Zhejiang provinces and Shanghai municipalities; the two sides will cooperate in selling the natural gas from the cooperative projects in the East China Sea and the Bohai Bay as well as natural gas from other gas resources. The main purchasers are the power plants, urban residents and industrial users in the eastern coastal areas of China.
The two sides will jointly conduct feasibility studies on the project of laying the natural gas pipelines, which connect major coastal cities in east China, and establish joint ventures in appropriate regions. The study is planned to start next year.
The CNOOC will provide liquefied petroleum gas to Shell's gas stations in Beijing and install related equipment. The related facilities will be placed under joint operation by both sides.
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