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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: isopatch who wrote (78917)	11/14/2000 9:15:45 AM
From: stevedhu	Read Replies (2) \| Respond to of 95453

iso, for what it's worth NG hit $6.00 over night and is now at $5.90. Steve

To: isopatch who wrote (78917)	11/14/2000 9:26:31 AM
From: isopatch	Read Replies (1) \| Respond to of 95453

Royal Dutch/Shell makes important investment in China: Shell to take 20% of CNOOC IPO By Bill Clifford, CBS.MarketWatch.com Last Update: 2:42 AM ET Nov 14, 2000 NewsWatch Latest headlines HONG KONG (CBS.MW) - The Royal Dutch/Shell Group said Tuesday it will pay up to $300 million for a 20-percent stake in the initial public offering of China National Offshore Oil Corp., the country's No. 3 oil producer. With its IPO, expected to raise about $2.5 billion in the first quarter of next year, CNOOC would be the third Chinese oil major to list on Hong Kong and overseas stock exchanges in a year. PetroChina (PTR: news, msgs), the country's top oil producer, went public in April, followed by China Petroleum & Chemical (Sinopec) (SNP: news, msgs) in September. Both were multibillion-dollar offerings. Shell's commitment should help boost confidence in CNOOC's IPO, which had fallen through last October despite a last-minute effort to revive it by cutting the issue's size and price. Other investors - including Hutchison Whampoa (HUWHY: news, msgs), Hong Kong Electric Holdings, the Singapore Government Investment Corp. and American International Group (AIG: news, msgs) - have already agreed to buy a total of $470 million of the shares. Shell and CNOOC have cemented their relationship in several other ways. A wholly owned subsidiary, Shell Overseas Investments, has agreed to cooperate with CNOOC on oil and gas exploration in Bohai Bay, off northeastern China. They will also develop gas fields in the Xihu Trough of the East China Sea, and conduct feasibility studies for a gas pipeline linking eastern cities, Shell said in a statement. The alliance comes as the Royal Dutch/Shell Group (RD: news, msgs) is positioning itself in the world's fastest growing petrochemicals market, while CNOOC tries to diversify from its core offshore oil-exploration business into downstream operations. In a deal signed last month that took 12 years to negotiate, Shell Chemicals and CNOOC agreed to invest $4.05 billion in building a petrochemical complex in southern China's Guangdong province. Construction is to start in 2003. The joint venture - mainland China's largest ever foreign investment - plans to produce 800,000 tons of ethylene a year and 2.3 million tons of petrochemical products annually, starting in 2005. Separately, in September, Shell took a 14-percent stake in Sinopec's IPO for $403 million. Sinopec is China's No. 2 oil firm and the country's largest refiner. Bill Clifford is Tokyo bureau chief of CBS.MarketWatch.com