China National Offshore Oil's 30-year journey along the Maritime Silk Road

In May 1993, China National Offshore Oil Corp set its sights on Southeast Asia.

In the scenic city state of Singapore, home to numerous well-known oil companies, CNOOC established its first overseas sales and trading company — China Offshore Oil (Singapore) International, tasked with crude oil marketing and trade.

After reforms and mergers, CNOOC International Trading (Singapore) was established in 2004, and has now grown into an integrated business with three primary sales and trading sectors: crude oil, refined products and chemicals, as well as new business development.

Currently, CNOOC International Trading (Singapore) employs nearly 50 people and has set up an office in the Middle East. In 2022, the company reached a sales and trading volume of nearly 100 million metric tons, with top-ranking sales revenue among Singaporean enterprises.

In the past three decades, the group has thrived by harnessing the region's distinctive advantages as a global trade center and a financial hub, according to the company.

Since the 1990s, it has expanded its trading routes across the oceans, extending from Southeast Asia to Australia, the Middle East, Africa, the Americas and Europe.

Over the past 30 years, CNOOC International Trading (Singapore) has witnessed the country's economic rise, amassing over 1 billion tons in sales and trading volume and showcasing CNOOC's determination to advance in the global market.

Throughout these 30 years of mutual benefit, CNOOC International Trading (Singapore) has regarded the country as its second home, incorporating the long-standing friendship between China and Singapore into every aspect of its operations and growth.

In the past two decades, as one of the first groups participating in Singapore's Global Trader Program, the company has generated local consumption of approximately 1.3 billion Singapore dollars ($977 million) in trade, finance, and transportation industries, and continuously created local employment opportunities.

It contributed more than 100 million Singapore dollars in tax revenue in total. The company's 30-year presence in Singapore represents CNOOC's integration into local development and its commitment to fostering stable bilateral economic and trade relations between China and Singapore, the company said.

As China shifted from a net oil exporter to a net oil importer in 1993, CNOOC has adapted to national needs and industrial trends by establishing a foothold in Singapore, a key hub under the framework of the Maritime Silk Road.

Guided by China's Belt and Road Initiative and equipped with an international outlook and professional dedication, the company has run its local business for 30 years. They have provided more than 260 million tons of crude oil to China, actively promoting CNOOC's corporate culture of "remain true to our original aspiration and unswervingly contribute energy to the country" while making significant contributions to local economic development.

Looking to the future, CNOOC International Trading (Singapore) said it will leverage its regional synergies, further strengthen international energy cooperation, and make an even greater contribution to trade relations and friendship between China and Singapore.