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.