Cnooc Energy increases credit guarantees for subsidiaries in Q1

Cnooc Energy Technology & Services (SSE:600968) announced an increase in credit guarantees for its wholly-owned subsidiaries, totaling CNY3,095,059.60 in the first quarter of 2025. The beneficiaries of these guarantees include CNOOC Development Zhuhai Pipeline Engineering Co., Ltd. (CNY3,008,400.00) and CNOOC Energy Saving and Emission Reduction Monitoring Center Co., Ltd. (CNY44,958.70 and CNY41,700.90). As of March 31, 2025, the total outstanding balance of credit guarantees provided by the company and its subsidiaries amounted to CNY66,412,628.09, all of which were for the benefit of its subsidiaries. These guarantees are part of the company's broader 2024 plan approved in April and June 2024, which authorized up to CNY500 million in new credit guarantees for controlled subsidiaries.