China National Offshore Oil Company Limited (CNOOC), the
country's largest offshore oil and gas producer, has signed an
agreement on exploiting energy resources with China Ocean Shipping
(Group) Company (COSCO Group), China's largest shipping group.
The two sides have agreed to jointly exploit energy resources
including liquid natural gas (LNG) by transferring CNOOC shares to
COSCO Group or co-funding, CNOOC, the country's third-biggest oil
company has said in an announcement on its website.
The two companies will also cooperate on shipbuilding, according
to the announcement.
CNOOC and COSCO have been cooperating on transportation of crude
oil, oil products, LNG, natural gas pipes and other facilities.
"We are complementary to COSCO in business and prospects for
mutual cooperation are promising," said Fu Chengyu, chairman and
chief executive officer of CNOOC.
CNOOC has reported first half net profits down by 10.6 percent
from the same period last year to 14.55 billion yuan (US$1.93
billion).
COSCO Group is China's largest ship repair and marine
engineering and shipping group and one of the top shipping
conglomerates in the world.
(Xinhua News Agency September 24, 2007)
