CNOOC tends to expand in capital; people have got to know Fu Chengyu and CNOOC through Unocal purchase tender.(COMPANY FOCUS)(China National Offshore Oil Corp.)

China Chemical Reporter, October, 2005

Purchase tender

When Fu Chengyu was appointed general manager of CNOOC on Oct. 16, 2003, the task assigned by the Central Government to him is to develop CNOOC into an excellent, strong and large company. As a matter of fact, CNOOC has already been regarded by the international oil community to be "the best state-owned enterprise in China". Among the three oil giants in China, the economic performance of CNOOC is the best. The ratio between the net profit and the sales revenue in CNOOC was 13.5% from January to June 2005.

Although the market value of CNOOC has increased to US$30 billion, it is still much less than PetroChina and Sinopec. The gap is also a motive force for CNOOC to conduct overseas purchases. Fu Chengyu discovered that the output and...

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