Big Chinese oil companies are not willing to risk their assets. They not just refuse to cooperate with suppliers from Russia but also gradually reduce their presence in the West. Giants like Sinopec, CNOOC, PetroChina, and Sinochem signed not a single contract for May delivery of Russian oil.
Driven by the fear of potential sanctions and a complete loss of assets in some cases, Chinese companies give up cooperation with Russia and get ready to leave a number of Western countries. CNOOC is now preparing to halt its activities in the United Kingdom, Canada, and the United States. The firm intends to focus on projects in Latin America and Africa instead.
China wants neither to incur financial losses nor ruin its reputation. That is why the country expressed no interest in helping Russia circumvent sanctions despite its own uneasy relationship with the West. Having taken a back seat, Beijing is now trying to minimize risks, in particular by reducing its presence in Western countries.
CNOOC is now selling its Western stakes, including those in oil fields in the North Sea, the Gulf of Mexico, and Canada, where it produces about 220,000 barrels of crude per day. The company appointed the Bank of America to prepare for the sale of its North Sea assets, including a stake in one of the largest fields in the area.