China Financial Daily

CNOOC: to improve national policies to be considered only after the return of A shares
According to the Hong Kong Wen Wei Po reported, as to the return of A shares, Fu Chengyu, CNOOC chairman and chief executive officer pointed out that two years ago, some companies issued A shares back to the mainland and has brought new problems, the Government is still considering a more comprehensive policy in order to avoid problems that may arise, it will be a national policy to improve and will consider opening up.

Asked about overseas acquisitions, Fu Chengyu said that although the financial crisis has provided a good opportunity to buy, but the risk is relatively large, the acquisition does not necessarily help to increase oil and gas production and reserves. In his view, is not cheap is a good thing, the most important is the capacity of its development, so it will not change its acquisition strategy, continue to be “more cooperation, more than the acquisition of assets, less to buy the company” strategy, in order to create long-term shareholder value. He added that the majority of mainland companies were not prepared to manage the enterprises, so mergers and acquisitions of overseas companies in need of special care, when, it is necessary to take into account the acquisition of the company’s management capacity, we have to measure the economic, political and tax risk.

In addition, Fu Chengyu said that the future will develop into an integrated oil company, to develop the downstream business, but will involve substantial capital investment, it will be 5 years in preparation by the parent company, to be in future in accordance with the wishes of shareholders to consider injection. He refers, at present, not the parent company of all the downstream business recorded a loss, including gas-electric business also doing well.

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