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Beijing, Sep.23 - China National Offshore1 Oil Company Limited (CNOOC), the country's largest offshore oil and gas producer, has signed an agreement on exploiting energy resources with China Ocean Shipping2 (Group) Company (COSCO Group), China's largest shipping group.
The two sides have agreed to jointly3 exploit energy resources including liquid natural gas (LNG) by transferring CNOOC shares to COSCO Group or co-funding, CNOOC, the country's third-biggest oil company has said in an announcement on its website. The two companies will also cooperate on shipbuilding, according to the announcement. CNOOC and COSCO have been cooperating on transportation of crude oil, oil products, LNG, natural gas pipes and other facilities. "We are complementary to COSCO in business and prospects4 for mutual5 cooperation are promising," said Fu Chengyu, chairman and chief executive officer of CNOOC. CNOOC has reported first half net profits down by 10.6 percent from the same period last year to 14.55 billion yuan. COSCO Group is China's largest ship repair and marine6 engineering and shipping group and one of the top shipping conglomerates7 in the world.
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