Energy Economy

11 Apr 2022

China's CNOOC to Raise up to $5.08 Billion From Share Issue

11 Apr 2022  by   

Men wearing face masks walk past a sign of China National Offshore Oil Corp (CNOOC) outside its headquarters in Beijing, China March 8, 2021. REUTERS/Tingshu Wang

Chinese oil giant CNOOC Ltd said on Monday it will raise between 28.08 billion yuan and 32.29 billion yuan ($4.41 billion to $5.08 billion) by issuing new shares, as it looks to fund the development of its offshore and onshore oil projects.

CNOOC, China's largest offshore oil producer, said it will issue between 2.60 billion and 2.99 billion shares at an issue price of 10.80 yuan per share, to strategic and public investors.

The company plans to use the proceeds to develop projects in Guyana and in China, as well as for its working capital needs.

CNOOC's shares, which are listed in Hong Kong, closed at HK$11.66 a share on Friday.

($1 = 6.3610 Chinese yuan)


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