November 25, 2008

China Oilfield Corporate Bond Issue


China Oilfield Services, Ltd., listed in the USA as an over-the-counter ADR CHOLY.PK will issue six billion Yuan worth (around $880 million US dollars) of bonds later this week. Details will be announced in Shanghai on Thursday. The company is an offshoot of offshore oil major CNOOC and has been on an acquisition spree buying offshore oil companies in Norway and southeast Asia.
China Oilfield Services is in a joint venture with Australian tech firm Atlantis Deepwater Technology to explore formerly inaccessible regions of the oceans.

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