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China Oil Majors May Be U.S. Target After Telcos Delisting

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  • Cnooc at greatest risk of delisting among oil firms, BI says
  • NYSE last week announced removal of three China telecom giants
Chinese Oil Majors May Face U.S. Delisting After Telcos Cut

Chinese oil majors may be next in line for delisting in the U.S. after the New York Stock Exchange said last week it would remove the Asian nation’s three biggest telecom companies.

China’s largest offshore oil producer Cnooc Ltd. could be most at risk as it’s on the Pentagon’s list of companies it says are owned or controlled by Chinese military, according to Bloomberg Intelligence analyst Henik Fung. PetroChina Co. and China Petroleum and Chemical Corp., also known as Sinopec, may also be under threat as the energy sector is crucial to China’s military, he said.