NYSE set to remove China's CNOOC from board

Delisting would see execution of move initiated under Trump. No target date set for the action, however

NYSE set to remove China's CNOOC from board
Logos of China National Offshore Oil Corporation (CNOOC) are displayed at a news conference on the company's interim results in Hong Kong. Photo: Reuters

The New York Stock Exchange on Friday decided to begin formal delisting of Chinese state oil giant CNOOC based on an update to an executive order signed by former U.S. President Donald Trump in November.

Prohibitions on CNOOC will take effect on March 9, 60 days after the company was added to the list that prohibits U.S. investments, according to a guidance issued by the Treasury Department on January 27.

However, the exchange did not disclose a target date for the completion of the delisting.

The Trump administration had last year moved against certain Chinese companies that Washington said were owned or controlled by the Chinese military in an effort to ramp up pressure on Beijing.

The NYSE said CNOOC has the right to appeal the delisting decision. The exchange will include any appeal it receives in its application to the U.S. Securities and Exchange Commission, which will be submitted on completion of all procedures.

CNOOC could not be immediately reached for comment.

(Reuters)