On October 14, 2010, Fu Chengyu, general manager of the China National Offshore Oil Corporation and the party leader, Fu Chengyu, had a series of interviews with “Excellent Businesses†specially launched by Xinhuanet and the website of the SASAC to tell the story behind CNOOC’s operating results and sum up the management of its operations. The successful experience.
[Fu Chengyu] In the first 8 months of this year, the company achieved a profit of 60.8 billion yuan, but it has already paid more than 40 billion yuan in tax, plus various fees may reach more than 50 billion yuan.
After we pay 84% of our profits each year, we have 10 billion to 20 billion left. But the company's annual investment is about 80 to 100 billion. Where does this money come from? All came from the capital market, and we have developed this way over the years. When the company went public, the company’s net assets were less than 13 billion renminbi. When it was listed in 2001, it was a market value of 6 billion US dollars. After nearly a decade of rapid development, the current market value has approached 100 billion US dollars. Our oil company (0883) is listed at the same time in the United States in New York and Hong Kong, and is in the same market as the international counterparts. At present, the company's market value of around 100 billion U.S. dollars has enabled us to absorb more capital from the capital market.
Investors are willing to invest in you because you can give him a better return. This return is that the growth rate just mentioned is better, the reserve replacement rate is higher than others, the cost is lower than others, the return on assets is higher, In the end, your core competitiveness is stronger. Our core competitiveness is to integrate our foreign management concepts with China’s national conditions and corporate realities through organizational forms and to create our own development model. This is why we are fundamental to improving our efficiency.
[Fu Chengyu] In the first 8 months of this year, the company achieved a profit of 60.8 billion yuan, but it has already paid more than 40 billion yuan in tax, plus various fees may reach more than 50 billion yuan.
After we pay 84% of our profits each year, we have 10 billion to 20 billion left. But the company's annual investment is about 80 to 100 billion. Where does this money come from? All came from the capital market, and we have developed this way over the years. When the company went public, the company’s net assets were less than 13 billion renminbi. When it was listed in 2001, it was a market value of 6 billion US dollars. After nearly a decade of rapid development, the current market value has approached 100 billion US dollars. Our oil company (0883) is listed at the same time in the United States in New York and Hong Kong, and is in the same market as the international counterparts. At present, the company's market value of around 100 billion U.S. dollars has enabled us to absorb more capital from the capital market.
Investors are willing to invest in you because you can give him a better return. This return is that the growth rate just mentioned is better, the reserve replacement rate is higher than others, the cost is lower than others, the return on assets is higher, In the end, your core competitiveness is stronger. Our core competitiveness is to integrate our foreign management concepts with China’s national conditions and corporate realities through organizational forms and to create our own development model. This is why we are fundamental to improving our efficiency.