China Oil Giant CNOOC Targeted by U.S. After Years of South China Sea Tension
- White House set to add firm to military blacklist: Reuters
- Move could cause major outflows if U.S. investors divest
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China’s third-biggest oil company faces a U.S. blacklist, which could spur major outflows from its Hong Kong-listed unit, after years of involvement in offshore drilling in disputed South China Sea waters.
China National Offshore Oil Corp., the nation’s main deepwater explorer, is among four companies to be added to a list of firms owned or controlled by the Chinese military, Reuters reported. The move comes as the Trump administration plans several new hard-line moves against Beijing in the final weeks of its term.