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Location：CNOOC What We DoFinancial ServicesCNOOC Finance Co., Ltd |
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CNOOC Finance Co., Ltd.
CNOOC Finance Co., Ltd. (Finance Company) is a non-bank financial institute providing financial services and financial management services to CNOOC and its members. It aims to enhance centralized capital management and to improve the capital efficiency of the Group, while providing internal financial services with focus on the cash flow of the Group. It is the only financial institute in the Group which can offer account and saving services to its member companies. Since its foundation, the company has adhered to the service-oriented principle and recorded stable development in assets and deposits with no bad assets or bad debts occurring.
The Finance Company has been rated A+ (stable) and A1 (stable) respectively by Standard & Poor's and Moody, which are the highest credit ratings granted by international credit rating agencies to Chinese financial service companies. These are the same as China's sovereign ratings.
The Finance Company has acquired the Category B membership of the national inter-bank bond market, the membership of the national inter-bank funding market, the membership of foreign currency funding in China Foreign Exchange Trading Center and a private seat for bond trade in Shanghai Stock Exchange, providing a platform for its management on the safety, liquidity and return on capital.
Since its opening, the Finance Company has been engaged in the construction of Three Platforms, the capital balance platform for CNOOC, the platform for trusts connecting CNOOC with external institutes and the operating platform for increasing the capital value of the Group. It has played an important role in the risk control, cost reduction and value contribution of the Group, and made full use of the financial means and financial services to support the core business of the Group.
In 2009, the Finance Company completed accounting operations with an amount of RMB742.3 billion, increasing 44% over the previous year, and provided preferential loans of RMB46.7 billion for members of CNOOC. As of the end of 2009, its credit asset balance reached RMB26.6 billion, with a year-on-year increase of 16%. By providing internal credit service, it saved an interest expense of nearly RMB400 million for members of CNOOC.
In 2010, the Finance Company completed settlements for members of CNOOC with the totalamount exceeding RMB1,000 billion. The Finance Company completed settlements of RMB4,400 billion and granted loans on its own account in the amount of RMB6.779 billion and discounted RMB9.155 billion in aggregate. It has zero non-performing assets and zero nonperforming loans so far.
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