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Cnooc Plans $5.4 Billion Shanghai Listing After U.S. Sanctions

  • Funds to be used for project development and working capital
  • NYSE began delisting procedures after U.S. trade restrictions
Updated on

China’s biggest offshore oil driller plans to raise money by listing new shares on the mainland after the New York Stock Exchange said it would delist the firm earlier this year following U.S. sanctions.

Cnooc Ltd. plans to raise 35 billion yuan ($5.4 billion) by listing on the Shanghai Stock Exchange, the company said in a filing to the Hong Kong stock exchange. The driller will issue up to 2.6 billion new shares and will use the proceeds for project development, with excess funds to be used for working capital, it said.