Sailing for the Maritime Silk Road, dreaming together with the Lion City -A look back at 30 years of CNOOC's partnership with Singapore

Each inspiring endeavor originates from the inception of a dream, and every ambitious quest commences with the longing for a distant horizon.

In May 1993, China National Offshore Oil Corporation (CNOOC) - a special zone for China's offshore foreign cooperation - set its sights on the Southeast Asia. In this 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 Pte Ltd (COOSI), tasked with crude oil sales and trade. It marked the beginning of an unbreakable tie between CNOOC and the Lion City, as they persistently fostered a bridge of mutual benefit and friendship between China and Singapore.

Throughout the years, COOSI and CNOOC Trading (Singapore) Pte Ltd (CT) established in 2004, (collectively referred to as CNOOC International Trading (Singapore)) have undergone reforms and merged into CNOOC International Trading Co., Ltd. The company 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 tons, with sales revenue ranking among the tops in Singaporean enterprises.

In the past three decades, CNOOC International Trading (Singapore) has thrived by harnessing the region's distinctive advantage as a global trade center and a financial hub. Since the 1990s, the company has expanded its trading routes across the vast oceans, extending from Southeast Asia to Australia, Middle East, Africa, the Americas, and Europe. Over the past 30 years, CNOOC International Trading (Singapore) has witnessed the Lion City'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 Lion City as its second home, incorporating the long-standing friendship between China and Singapore into every aspect of its operation and growth. In the past two decades, as the first group in the Singapore's Global Trader Programme (GTP), the company has contributed over 100 million Singapore dollars in tax revenue, generated local consumption of approximately 1.3 billion Singapore dollars(About 977 million in USD) in trade, finance, and transportation industries, and continuously created local employment opportunities. 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.

As China shifted from a net oil exporter to a net oil importer in 1993, CNOOC has adapted to national needs and industry trends by establishing a foothold in Singapore, a key node on 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. CNOOC International Trading (Singapore) has provided over 260 million tons of crude oil to China, 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) will leverage its regional synergies, further strengthen international energy cooperation, and make an even greater contribution to trade relations and the friendship between China and Singapore.