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CNOOC Group to list chemical subsidiary in Hong Kong |
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Written by Administrator
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Thursday, 13 July 2006 |
BEIJING, July 13 (InfoChina) – CNOOC Group, the parent company of CNOOC (NYSE:CEO), is planning to list its chemical subsidiary in Hong Kong in August, if things go well, Shanghai Securities News reported, citing a CNOOC insider’s saying.
If listed, the chemical branch, a chemical fertilizer producer of CNOOC Group, plans to collect more than two billion yuan in its IPO and the fund will be used to expand its chemical production capacity. UBS and JP Morgan are the company’s underwriters.
CNOOC Fudao Fertilizer Company, located in Dongfang city, south China’s Hainan province, now is one part of the chemical branch. Originally, Fudao Fertilizer had ever planned to list in the domestic A-share market.
The chemical branch is to start construction of a 1.13 million ton/year methanol plant close to Fudao Fertilizer this yearend and the plant is expected to go into operation at the end of 2008. It will be one of the largest methanol production bases in the world.
The chemical branch, with core business of producing chemical fertilizer, is striving for playing a leading role in the domestic chemical fertilizer industry and bringing its chemical fertilizer production up to 3-5 million tons a year by 2010, accounting for 10% of the national total. |
China Stock News