The world’s biggest commodity trader said on Tuesday it was not going away.
In a statement, China’s state-owned CNOOC said the company was “committed to improving the sustainability and quality of its financial services business.”
“In order to continue to make our financial services services business sustainable and successful, we need to increase our exposure to the financial derivatives markets,” the company said.
“The CNOECO Financial Services Group will be able to offer better products and services to financial markets.”
The statement from CNOECH came amid concerns that China’s economic growth could be slowing, as the government seeks to maintain a lid on the price of oil, and has sought to slow a sharp rise in commodity prices.
The country has been a major exporter of oil and other commodities to China, where it has also become one of its biggest trading partners.CNOOC was one of several major Asian companies to make comments about the commodity market in recent weeks, with China’s central bank also warning of “significant” risks ahead if prices of oil remain high.CBN News has asked the CNOECA for a response to this story.