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CNOOC interests in Russian oil group's assets
(Reuters)
Updated: 2005-12-08 15:16
CNOOC Ltd. , China's top offshore oil producer, is interested in the assets
of Russian oil group YUKOS , state media reported on Thursday, quoting CNOOC.
Chief Executive Fu Chengyu said any potential deal would depend on government
cooperation, because of the uncertainties of investing in Russia's opaque energy
sector.
Fu visited Russia in August following CNOOC's unsuccessful bid for U.S. oil
company Unocal, the Shanghai Securities News said, but it was unclear if he had
met with any YUKOS officials.
The paper also did not say whether negotiations between the two parties had
begun or whether Fu was interested in YUKOS's international assets, which the
Russian oil group had said on Dec. 1 it hoped to liquidate before the end of
2006.
"The purchase will not only depend on CNOOC's interests and ambition, but
also on the (Chinese) government's coordination and decision-making," Fu said.
In recent years the Russian government has taken steps to restructure the
country's energy industry into state-owned entities. Fu said he expected the
trend to continue.
CNOOC had not invested in Russian oil firms previously because most of them
were not listed, he said.
"But we will not give up on Russia," he said. "Beyond acquisitions, we are
also exploring other avenues."
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