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CNOOC plans Shanghai share sale amid U.S. sanctions

Target to raise $5.4 billion follows high oil price and profit surge

CNOOC plans to list on the Shanghai Stock Exchange amid U.S. sanctions.   © Reuters

HONG KONG -- CNOOC, one of the three Chinese state-owned oil and gas conglomerates, plans to list in the mainland amid pressure from U.S. authorities to delist from New York.

The company late on Sunday said it is set to issue up to 2.6 billion new shares, representing about 5.5% of the enlarged share capital and plans to raise 35 billion yuan ($5.4 billion). It intends to use the funds to develop oil and gas fields, primarily at ongoing projects in Guyana and the South China Sea.

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