China's CNOOC Sells US Assets to Britain's INEOS

FILE PHOTO: The logo of China National Offshore Oil Corporation (CNOOC) is seen at its booth during the China International Fair for Trade in Services (CIFTIS) in Beijing, China September 1, 2022. REUTERS/Florence Lo/File Photo
FILE PHOTO: The logo of China National Offshore Oil Corporation (CNOOC) is seen at its booth during the China International Fair for Trade in Services (CIFTIS) in Beijing, China September 1, 2022. REUTERS/Florence Lo/File Photo
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China's CNOOC Sells US Assets to Britain's INEOS

FILE PHOTO: The logo of China National Offshore Oil Corporation (CNOOC) is seen at its booth during the China International Fair for Trade in Services (CIFTIS) in Beijing, China September 1, 2022. REUTERS/Florence Lo/File Photo
FILE PHOTO: The logo of China National Offshore Oil Corporation (CNOOC) is seen at its booth during the China International Fair for Trade in Services (CIFTIS) in Beijing, China September 1, 2022. REUTERS/Florence Lo/File Photo

China's CNOOC Ltd has sold its US subsidiary, together with its upstream oil and gas assets in the Gulf of Mexico, to British chemicals group INEOS, according to a CNOOC statement issued on Saturday.

The Chinese oil and gas major said CNOOC Energy Holdings USA entered into a sales agreement with a subsidiary of INEOS relating to CNOOC's upstream oil and gas assets in the US part of the Gulf of Mexico, Reuters reported.

The deal primarily includes non-operator interests in oil and gas projects such as the Appomattox and Stampede fields.

INEOS paid just under $2 billion for the assets, according to a person with direct knowledge of the matter who was not authorized to speak to media. CNOOC and INEOS did not immediately respond to requests for comment.
The firm aims to optimize its global asset portfolio and will work with INEOS towards a smooth transition, CNOOC International Chairman Liu Yongjie said in the statement.

CNOOC has been sounding out potential buyers of its interests in US oil and gas fields since 2022.

Reuters had reported earlier CNOOC was considering an exit from operations in Britain, Canada and the United States over concerns those assets could become subject to Western sanctions because China had not condemned Russia's invasion of Ukraine.



Saudi Arabia’s King Abdulaziz Int’l Airport Launches First Hainan Airlines Flights

The new service will operate three times per week, positioning the airport as the first in the Kingdom to offer direct connectivity to Haikou. (SPA)
The new service will operate three times per week, positioning the airport as the first in the Kingdom to offer direct connectivity to Haikou. (SPA)
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Saudi Arabia’s King Abdulaziz Int’l Airport Launches First Hainan Airlines Flights

The new service will operate three times per week, positioning the airport as the first in the Kingdom to offer direct connectivity to Haikou. (SPA)
The new service will operate three times per week, positioning the airport as the first in the Kingdom to offer direct connectivity to Haikou. (SPA)

Saudi Arabia’s King Abdulaziz International Airport in Jeddah welcomed on Saturday the inaugural flight of China’s Hainan Airlines, marking the launch of the first direct route between Jeddah and the Chinese city of Haikou.

The new service will operate three times per week, positioning the airport as the first in the Kingdom to offer direct connectivity to Haikou.

The launch of this route boosts air traffic between Saudi Arabia and China, reinforcing King Abdulaziz International Airport’s growing role as a global logistics hub and expanding the Kingdom’s direct air links with China.

The inaugural flight was received by Chief Executive Officer of Jeddah Airports Company Eng. Mazen bin Mohammed Johar; Consul General of the People’s Republic of China in Jeddah Wang Qimin; and several officials from the Saudi Tourism Authority, the Saudi Air Connectivity Program, and various government and security sectors operating at the airport.

Hainan Airlines, ranked among the world’s top ten airlines by Skytrax, brings a new level of service to the airport. Its entry is expected to boost the quality of air travel services and contribute to providing a superior travel experience.

Chief Executive Officer and Board Member of the Saudi Tourism Authority Fahd Hamidaddin commented: “We are proud of our strategic partnership with Hainan Airlines and look forward to expanding this collaboration through targeted initiatives and promotional campaigns led by the Saudi Tourism Authority.”

The number of Chinese visitors to the Kingdom grew by 52 percent compared to last year, and that air connectivity between the two countries now includes six airlines operating 29 weekly flights. The Kingdom aims to attract five million Chinese tourists annually by 2030, he added.

Johar stated: “This significant milestone aligns with our strategy to increase the number of international destinations served by King Abdulaziz International Airport to 150 by 2030, in line with the National Aviation Strategy and Vision 2030.”

Integrating Hainan Airlines into the airport’s network strengthens Saudi–China air connectivity and supports infrastructure and service expansion efforts to meet growing global travel demand, he remarked.

CEO of the Saudi Air Connectivity Program Majid Khan described the occasion as an important step toward boosting the Kingdom’s global connectivity. “Welcoming Hainan Airlines in Jeddah reflects growing demand for travel between Saudi Arabia and China and helps foster tourism, cultural exchange, and economic ties,” he said.

He underlined the role of Minister of Tourism Ahmed Al-Khateeb, who also oversees the Air Connectivity Program, in positioning Saudi Arabia as an approved and attractive destination for Chinese tourists. The Chinese market is targeted to become the Kingdom’s third-largest source of inbound tourism by 2030.

The development is part of the ongoing efforts by the General Authority of Civil Aviation to strengthen international air connectivity and expand the Kingdom’s air transport network. It also supports Vision 2030’s broader objective to establish Saudi Arabia as a leading global logistics platform and open new horizons for travel and trade.