Greater ChinaOffshore

CNOOC warns on share price following delisting decision by NYSE

CNOOC, China’s largest offshore oil producer, has announced that the New York Stock Exchange (NYSE) has decided to delist the company’s shares from March 9.

NYSE made the decision on the basis that CNOOC is no longer suitable for listing according to an executive order signed by former president Trump in November, which bans Americans from investing in firms that the US government suspects are either owned or controlled by the Chinese military.

CNOOC said it regretted the NYSE decision, and it warned in a filing to the Hong Kong Stock Exchange that the delisting may affect share prices and volumes, adding that it would closely monitor any developments.

CNOOC has been trading on NYSE since 2001 and it will become the fourth Chinese company to be delisted by NYSE following China Mobile, China Telecom and China Unicom.

Last week, CNOOC announced that it has made a major oil and gas discovery in Bohai Bay.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
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