Snippet from BBC News29 Apr 2022 08:54
China's state-owned oil and gas giant CNOOC says it has no concrete plans to pick up Russian energy investments being abandoned by Western firms following the invasion of Ukraine.
The Telegraph recently reported that Shell was in talks with CNOOC to sell a stake in a massive liquified natural gas field in Russia.
But CNOOC’s finance chief, Xie Weizhi, told Reuters: “Currently the Russia-Ukraine conflict is at a complex stage. We're monitoring the situation and do not have any concrete plan or action yet."
He added that it was not clear how Western businesses would offload their investments in the first place, since they would need to get approval from Russia to do so.
"We don't understand how they (the global majors) would exit Russia and that by itself would need approval from the host country," he said.