Greater China

CNOOC taps into financial leasing business

Beijing: China National Offshore Oil Corporation (CNOOC), one of the largest state-owned oil and gas conglomerate in China, has established a financial leasing company, CNOOC International Financial Leasing Co at Tianjin Dongjiang Bonded Port Area.

The company has a registered capital of RMB1.8bn and will become an important financing platform for CNOOC and its clients in both upstream and downstream. The main leasing products will include offshore equipment, refinery equipment, general electrical and mechanical equipment and environmental protection equipment.

CNOOC expects the business scale of the company will reach RMB70bn in the next five years. [15/04/14]

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