CNOOC may aim to reduce state holdings: FT

State-controlled oil producer CNOOC Ltd could "very likely" ask Beijing to reduce its stake in the company thereby removing a political obstacle to overseas acquisitions, the company's chief executive Fu Chengyu told the Financial Times. Fu said reducing the government's holding would help counter the perception that CNOOC acts in accordance with Beijing's energy policy rather than in its best commercial interest. More than 70% of the shares in CNOOC, which is listed overseas in New York and Hong Kong, are held by its wholly state-owned parent company. Fu floated the idea of allowing the government to retain a "golden share" which would allow it to override takeovers of strategically important assets.