Page 9 - AsianOil Week 10 2021

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CNOOC Ltd seeks review

of NYSE delisting decision

POLICY CHINA’S state-run offshore developer CNOOC disputed waters of the South China Sea has been
Ltd has requested a review of the New York Stock cited as one possible reason for the decision to
Exchange’s (NYSE) decision to delist the compa- target the company while excluding other state
ny’s American depositary shares (ADS). majors.
The NYSE moved to delist the company on In an interview with Bloomberg last year,
March 9 in line with an executive order signed the dean of Xiamen University’s China Energy
by the administration of former US President Policy Research Institute, Lin Boqiang, said:
Donald Trump in November 2020 that barred “My guess is, it’s CNOOC that got targeted, and
US investors from trading in firms designated as not CNPC or Sinopec, because of its drilling in
being controlled by the Chinese military. the South China Sea area, which is deemed as
CNOOC Ltd, which is a listed unit of state- so-called military actions by the US.”
owned China National Offshore Oil Corp. CNOOC Ltd joins a growing number of Chi-
(CNOOC), said on March 10 that it had nese companies that have either already been
requested the review in order to “protect the law- delisted or are on Washington’s blacklist.
ful rights of the company and its shareholders”. China Mobile, China Unicom (Hong Kong)
The company said it had requested the and China Telecom were suspended from
NYSE reverse its decision to suspend trading the NYSE in January, while software provider
in its shares pending the conclusion of the Luokung Technology is set to be removed from
review, which is expected to last for at least the Nasdaq Stock Market on March 15.
25 business days from the date the request for Telecoms manufacturer Xiaomi, which is one
review was filed. of a number of companies that the US added to
The decision to bar US investors from trading its blacklist in January, has launched a lawsuit in
in CNOOC Ltd’s shares came amid an escalation the US seeking a preliminary injunction on the
in bilateral tensions between the Trump admin- placement blacklist. A US federal judge report-
istration and the Beijing government. edly said on March 9 that he would decide on
CNOOC Ltd’s involvement in drilling in Xiaomi’s request by the end of the week.™

Tokyo Gas launches new gas pipeline

PIPELINES & JAPANESE utility Tokyo Gas has brought a new
TRANSPORT high-pressure natural gas pipeline online that
connects the Ibaraki Prefecture cities of Hitachi
and Kamisu.
The company said on March 11 that the 92.6-
km line had commenced service on March 1, through co-operation with local governments
ahead of the start-up of commercial operations and infrastructure providers.
of a second LNG tank at the Hitachi LNG ter- Although Tokyo Gas has set out plans to ramp
minal on March 10. The tank has a capacity of up its investment in renewable energy solutions
230,000 kilolitres, similar to the first. over the next decade, the company is still set on
Tokyo Gas said: “By connecting a loop of developing its LNG interests.
high-pressure gas pipelines and increasing The utility formed an LNG trading unit – TG
the capacity of LNG tanks in the North Kanto Global Trading – in September 2020 in order to
area in addition to the Tokyo area, Tokyo Gas expand its LNG trading volume from a zero base
has achieved improved supply stability and to 5mn tonnes by 2030.
enhanced gas transmission capacity through a Tokyo Gas announced earlier this week that
mutual backup system of four LNG terminals.” it had also formed a carbon neutral LNG (CNL)
The four terminals include Hitachi LNG as buyers’ alliance with 14 other companies, includ-
well as Negishi LNG and Ohgishima LNG in ing the likes of Asahi Group, Isuzu Motors and
Kanagawa Prefecture and Sodegaura LNG in Sakai Chemical Industry.
Chiba Prefecture. Tokyo Gas said on March 9 that the alliance
The company said the infrastructure devel- aimed to expand the use of CNL in line with the
opment was part of its Compass 2030 business government’s stated goal of achieving net-zero
plan that aimed to ensure stable energy supply carbon emissions by 2050.™

Week 10 11•March•2021 www. NEWSBASE .com P9