Posted on 04/13/2022 5:22:47 AM PDT by Oldeconomybuyer
LONDON/SINGAPORE, (Reuters) - China's top offshore oil and gas producer CNOOC Ltd. is preparing to exit its operations in Britain, Canada and the United States, because of concerns in Beijing the assets could become subject to Western sanctions, industry sources said.
Ties between China and the West have long been strained by trade and human rights issues and the tension has grown following Russia's invasion of Ukraine, which China has refused to condemn.
CNOOC has launched a global portfolio review ahead of its planned public listing in the Shanghai stock exchange later this month that is aimed primarily at tapping alternative funding following the delisting of its U.S. shares last October, the sources said.
The delisting was part of a move by former U.S. President Donald Trump's administration in 2020 that targeted several Chinese companies Washington said were owned or controlled by the Chinese military. China condemned the move.
As it seeks to leave the West, CNOOC is looking to acquire new assets in Latin America and Africa, and also wants to prioritise the development of large, new prospects in Brazil, Guyana and Uganda, the sources said.
(Excerpt) Read more at nasdaq.com ...
Cool.
Try Venezuela and South Africa. They have great track records with their foreign investors.
That should help gas prices.
Well boys, don’t forget to have a Belt for the Road.
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