Help | Sitemap | Archive | Advanced Search | Mirror in USA   
  CHINA
  BUSINESS
  OPINION
  WORLD
  SCI-EDU
  SPORTS
  LIFE
  WAP SERVICE
  FEATURES
  PHOTO GALLERY

Message Board
Feedback
Voice of Readers
China Quiz
 China At a Glance
 Constitution of the PRC
 State Organs of the PRC
 CPC and State Leaders
 Chinese President Jiang Zemin
 White Papers of Chinese Government
 Selected Works of Deng Xiaoping
 English Websites in China
Help
About Us
SiteMap
Employment

U.S. Mirror
Japan Mirror
Tech-Net Mirror
Edu-Net Mirror
 
Wednesday, February 28, 2001, updated at 14:56(GMT+8)
Business  

China National Offshore Oil Lists on NYSE

China National Offshore Oil Corp. (CNOOC) Ltd., the country's third largest oil producer, listed shares on New York Security Exchange Tuesday, raising US$1.26 billion for its operation expansion.

China's flagship offshore oil company issued 82 million American depository receipts (ADRs), each is equal to 20 common shares, priced at 15.40 dollars for each ADR. The initial public offering was successful, with the company closing at 16.12 dollars in the first session, up 0.72 cents, or nearly 5 percent over its offering price.

"While Wall Street ended broadly lower today, the rise in our stock represents investors' confidence in our management, our operation outlook." said Fu Yucheng, President and Chief Operation Officer of the company.

The company has witnessed fast expansion in recent years, with an annual 19-percent increase in output.

Bank of China International Limited, Merrill Lynch and Credit Suisse First Boston were the lead underwriters for the initial public offering. The company traded under ticker symbol CEO.

CNOOC, founded in Hong Kong in October 1999, has more than 1,000 employees and owns oil and natural gas reserves of 1.8 billion barrels as of last year. Its oil and natural gas fields lie in four areas in the Bohai Bay off northern China, the East China Sea, and the eastern and western parts of the South China Sea, with production of 243 thousand barrels a day.







In This Section
 

China National Offshore Oil Corp. (CNOOC) Ltd., the country's third largest oil producer, listed shares on New York Security Exchange Tuesday, raising US$1.26 billion for its operation expansion.

Advanced Search


 


 


Copyright by People's Daily Online, all rights reserved