China’s state-owned oil and gas corporation China National Offshore Oil Corporation (CNOOC) is reportedly preparing to exit from the US, UK and Canada due to mounting concerns about sanctions, regulations and rising costs.
Relations between China and Western countries have soured over the past several years. Beijing’s ties with Washington were shattered after former US President Donald Trump launched a large-scale trade war, hitting a wide range of Chinese goods with import levies. Tensions have been mounting recently after China refused to condemn Russia’s military operation in Ukraine.
CNOOC, China’s top offshore oil and gas producer, is currently seeking to leave the West by selling “marginal and hard to manage” assets in the three nations, according to unnamed industry sources quoted by Reuters.