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Financial Services

Based on the company’s industrial development, our financial services focus on the combination of industry and finance, strengthen the risk control, actively innovate financial products and service models, expand the service network, optimize information system, strive to improve our financial service brand, and keep the quality of financial capital and profitability constantly increased.

CNOOC Finance Co., Ltd.

CNOOC Finance Co., Ltd. kept “zero record” of nonperforming assets and bad loans. For the qualified group units, the service coverage rate has reached 93% and the clients are distributed in 107 cities of 28 provinces.

In 2016, CNOOC Finance Co., Ltd. completed 224,000 settlements with the amount of RMB 2.34 trillion, and the average daily self-support credit loan balance reached RMB 29.922 billion, which was 39.83% higher than last year, and the self-support credit loan balance by the end of the year was RMB 31.6 billion, 26.56% higher than the beginning of the year. The annual foreign exchange business income was RMB 17.85 million with 29% of year-on-year growth. The annual operation revenue was RMB 2.709 billion, which realized RMB 1.13 billion of profit after provision. By December 31, 2016, the total assets of financial company reached RMB 113.8 billion. Self-support deposit and loan balances reached the highest level in the history.

Zhonghai Trust Co., Ltd.

By the end of 2016, Zhonghai Trust Co., Ltd.’s total assets reached RMB 10.733 billion and net assets reached RMB 4.447 billion, with the newly increased non-performing assets kept to be zero. The trust business was conducted steadily. At the end of the year, it maintained 380 trust plans and the trust assets reached RMB 345.343 billion. It realized RMB 1.383 billion operation revenue, RMB 1.210 billion total profit and RMB 1.042 billion net profit.

It continued to improve the entity economy efficiency of financial services and accumulatively conducted RMB 44.83 billion asset securitization project, keeping a leading position in the industry.

Zhonghai Trust Co., Ltd. provides high-quality service for group units to improve capital benefiting level. With the lowered oil price, it actively explores better financial service supporting model to assist the group units to reduce financial expenses and improve surplus fund income. Based on the analysis and judgment on macro economy, currency policies and other factors, it conducts reasonable assets allocation and grasps the investment pace to provide high quality capital management service for CNOOC enterprise annuity and make stable increasing for the net value of enterprise annuity trust. It was also rated as the class-A trust company by China Trustee Association.

CNOOC Insurance Ltd.

CNOOC Insurance Ltd. fully implements the group’s development strategic deployment, executes the centralized insurance policies of CNOOC and fully plays the professional functions of risk management to contribute itself to group balancing, insurance cost reduction and risk control and distribution, and finally realizes the effective integration of production and finance. It supports industrial development and provides vigorous insurance support for the overseas projects in sensitive political regions where they are located to assist CNOOC to expand overseas business, and plays the synthetic effect of production and financing, decreases insurance cost for the insuring units and realizes coordinated development with the group entity industry, while accelerating indemnity recovery to help the insured units to recover production as soon as possible.

By the end of 2016, CNOOC Insurance Ltd.’s total asset reached RMB 5.238 billion and net assets reached RMB 2.735 billion with 15% of year-on-year growth. The capacity of under writing and corresponding to major disasters also continued to be intensified. In 2016, CNOOC Insurance Ltd. kept great operation performance and the total profit was beyond expectation, which provided strong guarantee to the development of group main businesses.

CNOOC Investment Co., Ltd.

In 2016, through intensifying strategic management and strengthening stock value management, CNOOC Investment Co., Ltd. managed 15 stock rights and conducted 2 private equity investments on behalf of CNOOC. It managed the holding assets through equity dividend, audition participation of “three conferences” proposals, asset disposal loss stopping and other ways, continuously kept great performance in asset quality, stock operation and management structure. By the end of 2016, CNOOC Investment Co., Ltd. reached RMB 5.468 billion total assets and RMB 4.864 billion net assets and RMB 178 million total profit.

CNOOC International Lease Finance Company

Directed by the management guideline of “rely on CNOOC, serve high-quality customers, compliance with laws and regulations, conduct sustainable and steady development”, CNOOC International Lease Finance Company lays a solid foundation to conduct business innovation, strengthen risk prevention and control. Through the innovation of business models, designing of diversified leasing products, construction of multiple forms of risk control structures, it provides low-cost financing for the internal system units and vigorously supports entity economy to reduce financing cost and effectively controls the risk. Confronted with new normal economy, CNOOC International Lease Finance Company actively innovates leasing models and makes great effort in market expansion. The financing quality and level are improved and the great credit is built. With full use of policies in the Shanghai Free Trade Zone, it achieved the new business qualification for “investment+leasing”.

In 2016, CNOOC International Lease Finance Company signed 41 leasing contracts with total contract amount of RMB 25.1 billion, among which, the internal system project loan was RMB 13.6 billion while the external loan was RMB 8 billion. It has realized operation revenue RMB 913 million and total profit RMB 302 million with 52.52% of yearly growth and zero non-performing assets.

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CNOOC Annual Report 2016
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