Date
23 March 2017
Chairman Yang Hua (left) says he is not aware of any revamp taking place anytime soon, apart from what certain newspapers have been speculating.  Photo: HKEJ
Chairman Yang Hua (left) says he is not aware of any revamp taking place anytime soon, apart from what certain newspapers have been speculating. Photo: HKEJ

New CNOOC chairman dismisses restructuring talk

Nothing is official about a planned restructuring of China’s big three oil companies, according to the new chairman of CNOOC Ltd. (00883.HK).

Yang Hua said he is not aware of any such revamp taking place anytime soon, apart from what certain newspapers have been speculating, the Hong Kong Economic Journal reported Friday.

Yang said he will keep the business targets of his predecessor, including a 6-10 percent compound annual growth rate in production capacity in 2015, the final year of the company’s five-year-plan.  

Also, he said the company will continue to cut costs amid pressure from sliding oil prices.

CNOOC announced a new chairman at the same time as PetroChina Co. Ltd. (00857.HK) and China Petroleum & Chemical Corp. (00386.HK) earlier this month, fueling speculation about an industry-wide restructuring.

Meanwhile, CNOOC will adjust its rolling three-year production plan in line with changes in the operating environment, chief executive Li Fanrong said.

Translation by Vey Wong

[Chinese version中文版]

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