China's CNOOC sells US assets to Britain's INEOS By Reuters
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Dec 14 2024
0mins
Source: Investing.com
CNOOC Sells U.S. Subsidiary: China's CNOOC Ltd has sold its U.S. subsidiary and upstream oil and gas assets in the Gulf of Mexico to British group INEOS, aiming to optimize its global asset portfolio.
Concerns Over Sanctions: The sale follows CNOOC's exploration of potential buyers for its U.S. interests since 2022, driven by concerns that these assets could face Western sanctions due to China's stance on Russia's invasion of Ukraine.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
