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(Correction: The price of crude oil should be calculated in barrels, $20-$140 per barrel)

Liu Chengwei, deputy secretary of the party group and deputy general manager of the China National Offshore Oil Corporation, which has just registered its own company in Hong Kong, also serves as chairman and chief executive officer. Pen | fun | pavilion www. ｂｉｑｕｇｅ。 ｉｎｆｏ

The registration of an offshore company is the final preparation for listing on the Hong Kong Stock Exchange, and the head office will spin off the business assets such as oil and gas exploration, development, production and sales from the head office, which will be listed on CNOOC Limited.

The heavy responsibility of listing on the Hong Kong Stock Exchange is on Liu Chengwei's shoulders, and it is when the party group of the head office is full of confidence in overseas listing, and then at the end of April, the roadshow before the initial listing in Hong Kong made Liu Chengwei and the company's party group feel that they have been beaten with a stick, and the indifference of investors has dimmed the prospect of listing, and the lead underwriter even suggested cutting the issuance plan, cutting the proportion of 24% of the shares to 12%, and the issue price should also be reduced.

To revise the listing plan according to the suggestions of the rice underwriters, it is better to give up the listing plan this time, and the party group of the head office is already considering the countermeasures for the failure of the listing plan, and these things are pressing on Liu Chengwei's heart, making him very uncomfortable.

I was not in the mood to come to Xinting to participate in the activities of the early stage of the negotiations, but Tang Xueqian, vice governor of the Standing Committee of Jiangnan Province, personally participated, and the party group of the head office could not slack off, and we should also look forward to getting local support in the refined oil market in the future. The offshore oilfield support base project belongs to the base company system, and this part of the business does not belong to the listed company, and it is not Liu Chengwei's responsibility to attend such activities as the deputy secretary of the party group in charge of the base company system.

After participating in the event, Liu Chengwei and his assistant, Xie Zilei, who is also the financial director of CNOOC, had a tiredness that could not be concealed. Although he knew that Tang Xueqian, deputy secretary of the Jiangnan Provincial Party Committee, also lived in the Dongshan Hotel, he was not in the mood to visit.

"Knock Knock Knock ......"

Liu Chengwei sat on the sofa studying the listing materials, and heard someone knocking on the door, and then saw his secretary pushing the door in and telling him: "Mr. Liu, Vice Governor Tang is calling and wants to come and meet you......

Liu Chengwei didn't know what was the need to meet Tang Xueqian in private except for official business, but he had no reason to refuse, handed over the materials to the secretary to put away, and went to the reception room with Xie Lei.

Liu Chengwei saw Tang Xueqian coming over, and in addition to his secretary, there were two young people.

"Come and introduce two people to Secretary Liu, Secretary Liu won't think I'm presumptuous, right?" Tang Xueqian sat down with a smile, he was still used to calling Liu Weicheng's official position.

"How so?" Liu Chengwei speculated about the identities of these two young people, he invited Tang Xueqian to sit down, and while he sat down, he invited others to sit down.

"This is Mr. Ye Jianbin , the president of Kumho Corporation," Tang Xueqian pointed to Ye Jianbin and introduced to Liu Chengwei.

Liu Chengwei subconsciously stood up from the sofa, although he had not seen Ye Jianbin , Kumho Commercial's stake in the Dongshan Port Development Company was not very high, but as the promoter and planner behind the Dongshan Port Project, Liu Chengwei was naturally no stranger to Kumho Commercial, and he would not be a stranger to the Ye family, in addition, with his high position at the deputy ministerial level, he knew enough about Kumho, when he stretched out his hand to shake Ye Jianbin with him, his eyes had already turned sideways to look at the younger young man next to Ye Jianbin and asked hesitantly: " Who is this? ”

"Zhang Ke took the liberty to visit at night...... Zhang Ke stretched out his hand to shake Liu Chengwei, and then shook hands with Xie Lei, who was standing beside Liu Chengwei.

"......" Even if he guessed that the young man in front of him was that person just now, Liu Chengwei was still stunned for a moment, thinking that he was really young, and he shook his hand appropriately, and said, "How can you be presumptuous, it should surprise me, who doesn't want to see you if you have a little understanding of Kumho in China?" ”

Zhang Ke also smiled slightly, everyone sat down together, and after a moment of greeting, Zhang Ke went directly to the topic and asked Liu Chengwei: "I heard that RB Mitsui & Co. proposed to the Energy Bureau of the State Planning Commission to cooperate with the National Offshore Oil Corporation to develop the East China Sea demarcation oil and gas field, what is the internal opinion of the Offshore Oil Corporation on this matter?" ”

The Japanese proposal has a strong political color, as a senior official at the vice ministerial level, whether in public or private, should be careful not to make comments, Liu Chengwei looked at Zhang Ke puzzled, but also a little vigilant, the young man in front of him can create such a dazzling career in China, and Kumho is also entangled in many political relations behind it, thinking that he should not ask such a straightforward question. Liu Chengwei was a little unhappy in his heart, but he didn't turn his face, and only said vaguely: "CNOOC has not been officially notified, this may be the wishful thinking of Mitsui & Co......."

"What if the CNOOC Corporation's IPO financing plan fails this time," Zhang Ke asked aggressively, "If the IPO financing plan fails, will CNOOC consider accepting Mitsui's proposal?" ”

Hearing Zhang Ke's question, Liu Chengwei glanced at Tang Xueqian and Ye Jianbin who were sitting on the side, and his mind calmed down, Kumho can promote the port construction project of Dongshan Island, and the capital strength behind them, who have close relations with Chinese businessmen in Southeast Asia, will certainly not talk about such a sensitive political topic for no reason.

Kumho Sho was headquartered in Hong Kong, and Kumho's backdoor listing in May '97 was a classic of fundraising, and the timing was so clever that many people only wanted to believe that Kumho's fortune was really good.

Liu Chengwei said: "At present, the oil and gas business listing plan is encountering some difficulties, but Mitsui's cooperation proposal is another issue, and the party group has not discussed it, and I don't want to question you." ”

"I asked people to collect some materials for the listing of the offshore oil company, and I want to ask Mr. Liu for advice in person," Zhang Ke said, "The offshore oil company will divest the assets and business of oil and gas exploration, development, production and sales into the company to be listed, a total of 11.1 billion net asset value, unlike other state-owned enterprises listed overseas to strip off the debt, the company will also put 12.6 billion debts into the company to be listed, the head office does not have a little debt but still holds 4.2 billion in cash, This is also something that investors do not understand......"

Liu Chengwei was very happy that Zhang Ke could ask these questions in front of him, and patiently explained: "The oil and gas exploration, development, production and sales business assets injected into the listed company are the core assets of the head office, and they are also high-quality assets, and the management transparency is also very high, and the profit of this part of the business assets is as high as 2.6 billion yuan in 98 years, and the forecast profit in 99 years will reach 3.1 billion yuan; Relatively speaking, the asset quality of the divested base companies and professional companies is relatively poor, and the profitability is also weak, but the exploration, development, production and sales of offshore oil cannot be separated from the support of the base companies and professional companies, and these two must be developed in a balanced manner -- at present, there is still a big gap between the quality of the two business assets, and there are many gaps in profitability, how can we achieve balanced development? After several meetings and discussions, the head office decided to divest the debts to the listed company for digestion, and leave more cash for other businesses to develop.

Xie Lei pondered the Mitsui proposal that Zhang Ke just mentioned, and thought to himself that if the listing and financing could be successful, the head office would naturally be able to confidently reject the Japanese proposal, and if the listing and financing failed, even if it could finally reject the Japanese proposal, the development of the demarcation oil and gas field would have to be delayed due to the lack of funds, and in fact, the Japanese side would have to achieve the goal of delay. Xie Lei thought of this, his face was happy, he knew that the two principals of Kumho came to visit at night accompanied by the executive vice governor of Jiangnan Province, and it would not be for no reason, the financing plan of the head office this time is one billion US dollars, if Kumho can have the courage to build a port on Dongshan Island, it will really help solve the big problem.

"In the oil industry, scale is the most important competitiveness indicator, in the domestic market, PetroChina controls 67% of the oil production capacity and 40% of the refining capacity, Sinopec controls 22% of the oil production capacity and 60% of the refining capacity, CNOOC and foreign partners only control 10% of the oil production capacity, no refining capacity - from this point of view, Offshore oil can not be regarded as our best choice, but Mitsui and Kumho have competition in many aspects, presumably Secretary Liu has also heard that Kumho is willing to help in the overseas listing of offshore oil...... "Ye Jianbin does not say anything about the national interests, in the face of business behavior, those words are a bit empty, and it will also make people suspect that Kumho has any political ambitions, anyway, the contradictions that broke out between Kumho Corporation and Mitsui are not two together, and it is semi-open to pull back from each other.

On the one hand, Liu Chengwei felt pressured by the difficulties encountered in the listing, and on the other hand, who would be willing to let foreign companies intervene if they could develop the oil and gas resources of the East China Sea on their own? Moreover, the cooperation with Mitsui is very politically sensitive, and even if the political responsibility will be borne by the people above, the head office will also be burdened with the pressure of public opinion.

Kumho can participate in China Ocean's overseas issuance plan, this is probably the best news Liu Chengwei has heard during this time, since they are all straightforward on the table, he also asked directly: "We plan to go public this time to raise one billion US dollars, this is the figure approved by the State Council, this number is unlikely to be compressed, how much can Kumho share?" He looked at Ye Jianbin and then at Zhang Ke.

"Kumho can come up with two to three hundred million US dollars," Zhang Ke said, "In addition, Kumho still has some influence in Southeast Asia, and I can give Mr. Liu a promise here, and at least 400 million US dollars of financing tasks for CNOOC will be shared here......

It is enough for Kumho to stand up and undertake a financing task of at least $400 million, which will give other investment institutions and small and medium-sized investors strong confidence, and as for the proposal to resist Mitsui & Co., CNOOC should also take such a posture as a matter of course.

Liu Chengwei also knew in his heart that the head office only had 4.2 billion yuan in cash, but its debts were as high as 12.6 billion yuan, and the financial pressure was very great. If we can raise $1 billion from overseas this time, we will be able to borrow an additional $5 or 6 billion yuan from the banks at home, and we will suddenly have 134 billion yuan more cash in our hands, and we will be able to expand at a greater pace, and we will be able to take more initiative in cooperating with international oil companies such as Shell.

Xie Lei was overjoyed, the haze that had been pressing on his heart these days suddenly dissipated, and he felt a little strange in his heart, Kumho had never been in contact with them before, if Kumho really had a financial investment plan for CNOOC, wouldn't he have been in contact with this side a long time ago?

Even if Kumho participates in CNOOC's overseas listing plan, it is at most a financial investment, and cannot directly intervene in CNOOC's operations, even if Kumho comes up with US$300 million, it only accounts for 7.2% of CNOOC's total equity, and compared with CNOOC's absolute control, it is not qualified to recommend board members.

Kumho has nominally two board members to recommend two board members, and in addition to Kumho Corporation, it has the right to import and purchase part or all of the raw iron ore of the Iron and Steel Group, and the degree of penetration and influence on the Iron and Steel Group is difficult to compare with ordinary financial investment.

Even if I know that I can make good profits by participating in the overseas listing of a state-owned enterprise in the form of financial investment, Kumho Shoji is not interested in this. Kumho Corporation wants to penetrate and influence the industrial chain more and promote the balanced development of the upstream and downstream of the industrial chain, so it is more willing to directly promote the investment in large-scale projects such as the Dongshan Island port construction project and the 10-million-ton steel industry base.

On the other hand, after CNOOC obtained huge financing, CNOOC will naturally strive to make an industrial breakthrough, and the best place for CNOOC's industry to break through is in Xinting Dongshan Port, in Jiangnan Province, in the fringe area controlled by PetroChina and Sinopec.

Zhang Ke said to this extent, Tang Xueqian, who had been silent, said: "The province also hopes to see the successful overseas listing of the CNOOC, after all, CNOOC has successfully started the development of the demarcation oil and gas field, and the production support base project we are discussing today will have practical significance -- in addition, although the central unification department wants to integrate the refining business and gas station business of Jinshan Petroleum to Sinopec, the speed of Sinopec is always a little slow......

Only then did Liu Chengwei understand the intention of Tang Xueqian, Zhang Ke and Ye Jianbin to visit in the middle of the night, and Kumho participated in the overseas stock issuance of CNOOC in the form of financial investment, and CNOOC Limited not only resolutely resisted Mitsui & Co.'s greed for demarcated oilfield gas, but also developed Jiangnan Province into CNOOC's onshore industrial base.