The Chinese state oil company China National Offshore Oil Corporation (Cnooc) has announced the sale of its subsidiary in the United States to the British Ineos after two years of rumors that the firm was looking to get rid of its assets in the North American country due to the risk of sanctions. .
In a statement published this Saturday on its website, Cnooc confirms that it has reached an agreement with a subsidiary of Ineos for the sale of its subsidiary in the United States, which includes the primary (‘upstream’) businesses of oil and gas that he has in the Gulf of Mexico and the interests it has in farms such as Appomattox and Stampede.
“The transaction follows general business principles and seeks to further optimize the company’s global asset portfolio”indicated the president of Cnooc’s international division, Liu Yongjie.
The operation is still pending regulatory approval, a process in which Cnooc “will work closely with Ineos to ensure a smooth and orderly transition”Liu noted.
Although more details about the operation have not been disclosed, information that emerged at the end of 2022 in the international press suggested that Cnooc sought to obtain about 2,000 million dollars with this sale.
Those same reports indicated that the company was looking to get rid of its assets in the US, Canada and the North Sea for the fear of western sanctions for the Beijing’s refusal to condemn Russia’s invasion of Ukraine.
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