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Financial Services

Based on the Company’s industrial development, our financial services focus on the integration of industry and finance, strengthen the risk control, actively innovate financial products and services models, expand the service network, optimize the information system, strive to improve the value of our financial service brand and keep the quality of financial capital and profitability constantly increased.

CNOOC Finance Co., Ltd.

CNOOC Finance has kept the “zero record” of nonperforming assets and bad loans. The financial service network develops with the expansion of the Company’s industrial chain and has covered the coastal areas where CNOOC’s main business locates in. For the qualified internal customers, the service coverage rate has reached 93% and the clients are distributed in 108 cities of 28 provinces. CNOOC Finance continuously strengthened fund collection from internal customers. The fund collected in 2017 increased by 10.23% compared with last year. The efficient fund centralization lays a foundation for the Company to overall operate capital resources in a larger scope and improve the efficiency of capital operation.

Self-support credit of CNOOC Finance gave strong backing to the development of the Company’s main industry and key projects, The company provided a total of RMB 4.4 billion of project credit line to Fujian LNG, Zhuhai Pipeline, Guangdong Natural Gas, Shanghai LNG and other companies; provided bridge loan to Fujian LNG in order to meet the demand for project construction in early stage.

In 2017, CNOOC Finance completed 563,400 settlements with the amount of RMB 4.98 trillion, increased by 151% and 113% respectively. The average daily self-support credit loan balance reached RMB 39.431 billion, which the self-support credit loan balance at the end of the year reached RMB 43.054 billion, which was 39% higher than last year. The settlement and sales of foreign exchange amounted to RMB 4.623 billion, which was 54% higher than last year. The annual foreign exchange business income was RMB 30.2 million, which was 69% higher than last year. The annual operation revenue was RMB 2.947 billion and the profit after provision was RMB 1.628 billion. By December 31, 2017, total assets of CNOOC Finance reached RMB 138.9 billion, which was 22% higher than last year and reached the highest level in its history.

Zhonghai Trust Co., Ltd.

By the end of 2017, total assets of Zhonghai Trust reached RMB 10.719 billion and net assets reached RMB 4.746 billion, with the newly increased non-performing assets kept to be zero. The trust business grew steadily. At the end of the year, it maintained 554 trust plans and the trust assets reached RMB 418.7 billion. The annual operation revenue reached RMB 1.156 billion and total profit reached RMB 987 million.

Zhonghai Trust continuously develops its business and seeks for breakthrough in business innovation and transformation. It provided strong supports to the growth of the real economy through facilitating key projects in line with the Belt and Road Initiative and the national strategy of coordinated development of Beijing, Tianjin and Hebei, as well as projects concerning people’s livelihood such as local shantytowns rebuilding. The autonomous securities investment products represented by “Wenying series”, “Wenjian Series” and “Yuanhang series”, won the favor of the internal and external investors. It further enriched the business varieties by completing the first single REITS project that was fully market-based operated and dominated by trust companies in China, and issuing the “Zhonghai Taikang” QDII project, the first project that takes Shanghai-Hong Kong stoke connect programe as the main transaction. It explored the way of transformation as launching the “Micro-star 1” project. In 2017, Zhonghai Trust carried out over 60 cross-team cooperation projects and the fund in operation reached RMB 12 billion. The project-related trust remuneration was over RMB 50 million, increased by 1.1 times over the previous year. It provided financial management services for the internal customers. The fund management scaled up to more than RMB 125 billion and the cumulative paid trust income exceeded 1.68 billion.

Zhonghai trust has established a good social image with sound operation and professional capabilities of financial management. The market influence of the company’s brand has been continuously improved. In 2017, Zhonghai Trust won the “excellent service award for credit assets registration and circulation business” issued by the credit assets registration and circulation center of the banking system, awarded “Top 100 Enterprises of Outstanding Contribution to the Economic Development of Huangpu District (Shanghai)”, for the sixth time won the “Excellent Company Award” selected by “Trustworthiness” of Shanghai Securities News, and was for the ninth time award “Excellent Risk Control Trust Company” selected by “Excellent Trust Company” of Securities Times.

CNOOC Insurance Ltd.

CNOOC Insurance fully implements the Company’s development strategy, vigorously develops the market, steadfastly serves the real industry and achieves a steady development. It has made new breakthroughs in business development and created many “first” in its history.

In 2017, CNOOC Insurance kept good operation performance, greatly improved financial indicators and strongly supported the development of the Company’s main industry. At the end of 2017, total asset reached RMB 4.723 billion and net assets reached RMB 2.773 billion. The capacity of underwriting and corresponding to major disasters also continued to be intensified.

CNOOC Investment Co., Ltd.

In 2017, through enhancement of strategic management and equity value management, CNOOC Investment managed 19 equities, including 12 equities of management participation and 5 equities of strategic holding. It participated in management by distributing dividend and examining the proposals of the “Board of Directors, Supervisory Board, General Meeting”, and stopped losses by asset disposal. In 2017, CNOOC Investment kept good performance in quality of assets, operation of equity and governance structure.it.

At the end of 2017, CNOOC Investment Co., Ltd. reached RMB 7.354 billion total assets and RMB 6.439 billion net assets and RMB 905 million total profit.

CNOOC International Lease Finance Company

CNOOC International Lease Finance Company lays a solid foundation to conduct business innovation, strengthen risk management and run all business with good results. Based on enhancing financing in key projects, exploring direct leasing business model and tapping the potentials of marginal oilfields development, the Lease Company improves the integration of industry and finance and vigorously supports the development of the Company’s main business.

On the basis of active and cautious study on equity diversification, the Lease Company built a set of institutions for efficient corporate governance and a system for the shareholding reform.

In 2017, the Lease Company signed 7 new contracts of lease business with a total contract amount of RMB 1.634 billion. At the end of 2017, the total amount of the leased assets was RMB 22.982 billion, the accumulative operation revenue was RMB 968 million and the total profit was RMB 229 million.



CNOOC Annual Report 2017
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