Chapter 1018

(error correction: crude oil price should be calculated in barrels, USD 20-140 per barrel)

As deputy party secretary and deputy general manager of CNOOC, Liu Chengwei is under great pressure. CNOOC has just registered CNOOC in Hong Kong. He also serves as chairman and CEO of CNOOC.

The registration of offshore company is the final preparation for listing on the Hong Kong stock exchange. The head office divested the business assets such as oil and gas exploration, development, production and sales from the head office. CNOOC is about to be listed.

The important task of listing on the stock exchange of Hong Kong is on Liu Chengwei's shoulders. It is when the Party group of the head office is full of confidence in overseas listing. Then, the road show before the initial listing in Hong Kong at the end of April made Liu Chengwei and the Party group feel like a blow. The indifference of investors darkened the listing prospect. The lead underwriter even suggested reducing the issuance plan, The proportion of 24% of shares issued will be reduced to 12%, and the issue price will also be reduced.

To modify the listing plan according to the suggestions of the M underwriter, it's better to give up the listing plan. The Party group of the head office has been considering the Countermeasures for the failure of the listing plan. These things are pressing on Liu Chengwei's heart, which makes him very uncomfortable.

I was not in the mood to come to Xinting to participate in the activities at the initial stage of the negotiation, but Tang Xueqian, member of the Standing Committee of Jiangnan province and vice governor of Jiangnan Province, personally participated in it. The Party group of the head office can not relax. In the future, we should also look forward to getting local support in the refined oil market. 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. It is not Liu Chengwei. As the Deputy Secretary of the Party group in charge of the base company system, it is duty bound to attend such activities.

After attending the event, Liu Chengwei and his assistant Xie zilei, who is also the chief financial officer of CNOOC, are tired. At night, he and Xie Lei are not in the mood to attend the reception of East China base company. They return to the hotel early to discuss the final countermeasures for listing. Although he knew that Tang Xueqian, deputy secretary of the Jiangnan provincial Party committee, also lived in Dongshan Hotel, he was not in the mood to visit.

"Dong Dong Dong..."

Liu Chengwei sat on the sofa studying the listing materials, listening to someone knocking on the door, and then saw his secretary push the door in and tell him: "President Liu, vice governor Tang called to meet you..."

Liu Chengwei didn't know what it was necessary to meet Tang Xueqian privately except for business, but he had no reason to refuse. He handed the materials to the Secretary to put them away and went to the reception room with Xie Lei.

When Liu Chengwei saw Tang Xueqian coming, 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?" Tang Xueqian sat down with a smile. He was still used to calling Liu Weicheng's official post.

"How?" Liu Chengwei guessed the identities of the two young people. He invited Tang Xueqian to sit down. While sitting down, he invited others to sit down.

"This is Mr. Ye Jianbin, President of Jinhu commercial," Tang Xueqian introduced Liu Chengwei to Ye Jianbin.

Liu Chengwei subconsciously stood up from the sofa. Although he had not seen Ye Jianbin and Jinhu commercial's share in Dongshan port development company was not very high, as the promoter and planner behind the Dongshan port project, Liu Chengwei was no stranger to Jinhu commercial and ye family. In addition, he was at the vice ministerial level, He knew enough about Jinhu. When he reached out and shook hands with Ye Jianbin, his eyes had looked sideways at the younger looking youth around Ye Jianbin and asked hesitantly, "who is this?"

"Zhang Ke ventured to visit at night..." Zhang Ke reached out and shook hands with Liu Chengwei and Xie Lei standing on the side of Liu Chengwei.

"..." even if he guessed that the young man in front of him was the same person just now, Liu Chengwei was stunned. He thought he was really young. Suddenly, he shook hands properly and said, "I'm surprised. Looking at the people who know a little about Jinhu in China, who doesn't want to see you?"

Zhang Ke also smiled. Everyone sat down together and exchanged greetings for a moment. Zhang Ke directly entered the theme and asked Liu Chengwei: "I heard that RB Mitsui products proposed to the Energy Bureau of the State Planning Commission to cooperate with CNOOC in the development of oil and gas fields at the boundary of the East China Sea. What is the internal view of CNOOC on this matter?"

The Japanese proposal has a strong political color. As a senior official at the vice ministerial level, he should pay attention not to make comments in public or private. Liu Chengwei looked at Zhang Ke with confusion and some vigilance. At present, young people can create such a dazzling career in China, and many political relations are entangled behind Jinhu. He thought he shouldn't ask such a straightforward question. Liu Chengwei was unhappy, but he didn't turn his face. He only said vaguely: "CNOOC hasn't been officially notified. Maybe it's Mitsui's wishful thinking..."

"What if CNOOC's listing and financing plan fails," Zhang Ke asked aggressively, "what if the listing and financing plan fails, will CNOOC consider accepting Mitsui's proposal?"

After listening to Zhang Ke's question, Liu Chengwei glanced at Tang Xueqian and ye Jianbin sitting aside and calmed down. Jinhu can promote the port construction project on Dongshan Island. They have strong capital strength behind their close relationship with Chinese businessmen in Southeast Asia. Of course, they will not talk about such sensitive political topics for no reason.

Jinhu commercial is headquartered in Hong Kong, and the backdoor listing of Jinhu in May 1997 can be regarded as a classic of financing. With the ingenious timing, many people are only willing to believe that Jinhu's luck is really good.

Liu Chengwei said: "at present, there are some difficulties in the listing plan of oil and gas business, but the Mitsui cooperation proposal is another problem. The Party group has not discussed it, and I don't like your problem."

"I asked people to collect some materials about the listing of CNOOC and wanted to ask President Liu for advice," Zhang Ke said, "CNOOC stripped off the assets and businesses of oil and gas exploration, development, production and sales and injected them into the company to be listed, with a total net asset value of 11.1 billion. Different from the practice of stripping off the debt of other state-owned enterprises listed overseas, CNOOC also placed 12.6 billion debt into the company to be listed, and the company still has 4.2 billion cash without any debt It is also a place that investors can't understand... "

Liu Chengwei was glad 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 listed companies are the core assets of the head office and high-quality assets. The management transparency is also very high. The profit of these business assets was as high as 2.6 billion in 1998 and the predicted profit in 1999 was as high as 3.1 billion. Relatively speaking, the asset quality and profitability of the stripped base companies and professional companies are relatively poor However, the exploration, development, production and sales of offshore oil can not be separated from the support of base companies and professional companies. The two should be developed in a balanced way - at present, there is still a large gap in the quality of the two business assets and a lot of gap in profitability. How can we achieve a balanced development? The head office held several meetings to discuss it, and then decided to divest the debt to the listed company The company will digest it and leave more cash for other businesses to develop -- "

Xie Lei pondered the Mitsui proposal just mentioned by Zhang Ke. He thought that if the listing and financing were successful, the head office would naturally be able to reject the Japanese proposal. If the listing and financing failed, even if the Japanese proposal could be rejected in the end, the development of boundary oil and gas fields would be delayed due to the lack of funds. In fact, it also made the Japanese side achieve the purpose of delay. Xie Lei thought of this He knew that the two principals of Jinhu, accompanied by the executive vice governor of Jiangnan Province, would come to visit at night for no reason. The head office's financing plan this time was $1 billion. If Jinhu could have the courage to build a port on Dongshan Island, it would really help solve the big problem.

"Both China National Petroleum Corporation and China Petrochemical Corporation have plans to list overseas recently, and we have also carefully analyzed the gap between the three domestic oil companies," Ye Jianbin said, "In the oil industry, scale is the most important competitiveness index. 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, and CNOOC and foreign partners only control 10% of the oil production capacity without refining capacity - from this point of view, offshore oil is not our best choice, but Mitsui and Jinhu compete in many aspects. Secretary Liu must have heard that Jinhu is willing to help in the overseas listing of offshore oil... " Ye Jianbin doesn't say anything about national interests. In the face of commercial behavior, those words are somewhat empty, which will also make people doubt Jinhu's political ambitions. Anyway, the contradictions between Jinhu commercial and Mitsui are not two together, and it is semi open to pull back from each other.

On the one hand, Liu Chengwei feels pressure when he encounters difficulties in listing. On the other hand, if he wants to independently develop oil and gas resources in the East China Sea, who will be willing to let foreign companies intervene? Moreover, cooperation with Mitsui is very politically sensitive. Even if the political responsibility will be borne by the above people, the head office will bear the pressure of public opinion.

Jinhu can participate in the overseas issuance plan of China Ocean, which is probably the best news Liu Chengwei has heard during this period. Since they are all directly on the table, he also directly asked: "we plan to raise $1 billion in listing this time. This is the figure approved by the State Council. This figure is unlikely to be compressed. How much can Jinhu share?" He looked at Ye Jianbin and Zhang Ke.

"Jinhu can come up with $200 million to $300 million," Zhang Ke said. "In addition, Jinhu still has some influence in Southeast Asia. I can make a commitment to President Liu here to share the financing task of at least $400 million for CNOOC..."

Enough. If Jinhu stands up and undertakes the financing task of at least US $400 million, it will give other investment institutions and small and medium-sized investors strong confidence. As for the proposal to boycott Mitsui products, CNOOC should naturally take such a stance.

Liu Chengwei also knows that the head office has only 4.2 billion in cash, but its debt is as high as 12.6 billion. There is a lot of financial pressure. If you want to break through the repression of PetroChina and Sinopec, you can't lose any in the overseas listing financing plan. Otherwise, it will be far from a large-scale breakthrough with the financial support of more than 12 billion yuan from the central government. If you can raise 10 billion yuan overseas this time With $billion, China can add $56 billion in loans to banks, with a sudden increase of $13.4 billion in cash, the pace of expansion can be greater, and it can be more proactive in cooperation with shell and other international oil companies.

Xie Lei looked happy. The haze on his mind these days suddenly dissipated. He was also a little strange. Jinhu had never contacted them before. If Jinhu really had a financial investment plan for CNOOC, wouldn't it have contacted here long ago?

Jinhu's participation in CNOOC's overseas listing plan is at most a financial investment and cannot directly intervene in CNOOC's operation. Even if Jinhu takes out $300 million, it only accounts for 7.2% of CNOOC's total equity. Compared with CNOOC's absolute holding, Jinhu is not qualified to recommend members of the board of directors.

Through Dongshan iron and steel and Donghai United iron and Steel Group, Jinhu has built a ten million ton iron and steel industry base and will eventually be integrated into a super large iron and steel group. Jinhu nominally has the recommendation right of two board members. In addition, Jinhu commercial has the right to import and purchase part or all of the raw iron ore of the iron and steel group, The penetration and influence on the iron and Steel Group is extremely difficult to compare with ordinary financial investment.

Even if it is known that participating in the overseas listing of state-owned enterprises in the form of financial investment will have good benefits, but Jinhu commercial ambition is not here. Jinhu commercial wants to penetrate and influence the industrial chain more and promote the balanced development of the upstream and downstream of the industrial chain. Therefore, it is more willing to directly promote the investment in large projects such as Dongshan Island port construction project and ten million ton iron and steel industrial base.

CNOOC's situation should be regarded as a special case. On the one hand, the ambition of sniping at Mitsui's products to delimit oil and gas fields is. On the other hand, after CNOOC obtains huge financing, CNOOC will naturally strive for industrial breakthrough, and the best place for CNOOC's industrial breakthrough is in Xinting Dongshan port, Jiangnan Province, and the marginal areas controlled by PetroChina and Sinopec.

When Zhang Ke said this, Tang Xueqian, who had been silent all the time, said: "The province also hopes to see CNOOC successfully listed overseas. After all, CNOOC successfully opened the development of boundary oil and gas fields, and the production support base project we discussed today will have practical significance - in addition, although the central unified ministry wants to integrate Jinshan oil's refining business and gas station business to Sinopec, Sinopec's speed is always a little slow ……”

Only then did Liu Chengwei understand the intention of Tang Xueqian, Zhang Ke and ye Jianbin to visit late at night. Jinhu participated in the overseas stock issuance of CNOOC in the form of financial investment. CNOOC should not only resolutely resist the greed of Mitsui products for boundary oilfield gas, but also develop Jiangnan province into an onshore Industrial base of CNOOC.

{thank you for your support. Your support is our greatest motivation}