BEIJING, August 29 (InfoChina) – China Blue Chemical, the chemical unit of CNOOC Group reportedly plans to sell about 10% of its initial public offering to Norwegian chemical fertilizer company, Yara International.

Moreover, the company is said to sell part of the offering to some tycoons in Hong Kong, such as Li Ka-Shing, chairman of Cheung Kong Ltd. and Lee Shau Kee, chairman of Henderson Land Development.

       All the market hearsays have not been confirmed.

       Given long-term natural gas supply as feedstock from CNOOC, China Blue is one of most profitable units in CNOOC Group.

       China Blue has three main fertilizer plants, with an annual urea production of 2 million metric tons.

       China Blue plans to get listed on the Hong Kong stock exchange on September 29. During September 18 to 21, the company will publicly invite shareholders.

       JP Morgan and UBS are advisers and underwriters.