SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 6-K
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REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
For September 9, 2003
CNOOC Limited
(Translation of registrant's name into English)
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65th Floor
Bank of China Tower
One Garden Road
Central, Hong Kong
(Address of principal executive offices)
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(Indicate by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F)
Form 20-F X Form 40-F
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(Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934.)
Yes No X
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(If "Yes" is marked, indicate below the file number assigned to the registrant
in connection with Rule 12g3-2(b): N/A.)
CNOOC LIMITED TO CONSOLIDATE AND IMPROVE TREASURY FUNCTION
THROUGH JOINT OPERATIONS WITH CNOOC
(Hong Kong, September 8, 2003) - CNOOC Limited (the "Company", NYSE: CEO,
SEHK: 883) announced today that it is investing in a shared treasury operation
with its parent company, China National Offshore Oil Corporation (CNOOC), and
other affiliated group companies. The Company's investment of RMB450 million
(HK$424.53 million) represents its 31.80% share of the registered capital of
CNOOC Finance Corporation Limited (CNOOC Finance).
Designed to be a shared treasury services company, CNOOC Finance provides a
variety of treasury and finance-related services to CNOOC group companies.
CNOOC Finance was specially approved as a non-banking financial institution
through a business license generally granted to large, established and
financially sound state-owned enterprises, facilitating the further
consolidation of the group's treasury function to avail of operating and cost
efficiencies and providing the ability to reduce domestic borrowing costs.
Dr. Mark Qiu, Senior Vice President and CFO of CNOOC Limited, stated that
"this arrangement improves and consolidates the Company's treasury function,
allowing us to reduce our treasury and finance costs and lower our risk
exposure. Through our investment in CNOOC Finance, CNOOC Limited will also
benefit from receiving our pro-rata share of CNOOC Finance's net income, so we
can realize the financial benefit of these synergies and cost savings."
Notes to Editors:
CNOOC LIMITED - BACKGROUND
Incorporated in Hong Kong in August 1999, CNOOC Limited (SEHK: 883; NYSE: CEO)
is the dominant producer of crude oil and natural gas offshore China. CNOOC
Limited is also one of the largest independent crude oil and gas exploration
and production companies in the world. As of December 31, 2002, its net proved
reserves were 2.0 billion barrels-of-oil equivalents and its net production
averaged 352,780 BOE per day for the first half of 2003.
CNOOC Limited has interests in 45 crude oil and gas properties in four major
producing areas: Bohai Bay, Western South China Sea, Eastern South China Sea
and East China Sea. The Company is a major oil and gas company in China with
slightly over 1,000 employees. The Company has become the largest offshore
producer in Indonesia after the acquisition of Indonesian assets.
CNOOC LIMITED - RELATIONSHIP WITH ITS PARENT COMPANY
CNOOC Limited, incorporated in Hong Kong, is a 70.6% held subsidiary of China
National Offshore Oil Corporation ("CNOOC"). CNOOC Limited is the sole vehicle
through which CNOOC carries out oil and gas exploration, development,
production and selling activities offshore China and internationally.
CNOOC, the parent company, is involved in the administrative, research, and
services functions for the China offshore petroleum industry as well as other
mid- or downstream petroleum projects.
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This press release contains statements that are not historical facts,
including statements about beliefs and expectations of the directors of CNOOC
Ltd. (the Company). These forward-looking statements are based on current
plans, estimates and projections, and therefore you should not place undue
reliance on them. Forward-looking statements speak only as of the date they
are made, and the directors of the Company undertake no obligation to update
publicly any of them in light of new information or future events.
Forward-looking statements involve inherent risks and uncertainties. You are
cautioned that a number of important factors could cause actual results to
differ materially from those contained in any forward-looking statement. Such
factors include, but are not limited to changes, of the PRC's economic,
political and social conditions as well as government policies.
*** *** ***
For further enquiries, please contact:
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Mr. Xiao Zongwei Ms Anne Lui/Ms. Maggie Chan/Ms. Carol Chan
CNOOC Limited Ketchum Newscan Public Relations
Tel : +86 10 8452 1646 Tel: 852-3141-8016/ 852-3141-8063/3141-8091
Fax: +86 10 8452 1648 Fax: 852-2510-8199
E-mail: xiaozw@cnooc.com.cn E-mail: anne.lui@knprhk.com
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carol.chan@knprhk.com
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maggie.chan@knprhk.com
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
as amended, the registrant has duly caused this report to be issued on its
behalf by the undersigned, thereunto duly authorized.
CNOOC Limited
By: /s/ Cao Yunshi
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Name: Cao Yunshi
Title: Company Secretary
Dated: September 9, 2003