China's largest offshore oil producer, CNOOC Ltd, is looking at selling shares on the mainland to raise money for acquisitions in Asia and Africa, Hong Kong's The Standard reported. The company is listed in the US and Hong Kong and is still looking for clarification on the requirements to sell A-shares, chairman Fu Chengyu told the newspaper. The company has spent more than US$2.7 billion in Africa this year. Last month, the Export-Import Bank of China loaned it US$1.6 billion for drilling projects in Nigeria. "Investors in China are clamoring for companies like CNOOC to list locally," Fu said. One project the company is eager to tap is a newly discovered gas field in the South China Seas.
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