NYSE begins move to delist CNOOC

The New York Stock Exchange on Friday decided to begin formal delisting of Chinese state oil giant CNOOC Ltd based on an update to an executive order signed by former U.S. President Donald Trump in November last year, reports Reuters.

Prohibitions on CNOOC will take effect on March 9, 60 days after the company was added to the list that prohibits U.S. investments, according to a guidance issued by the Treasury Department on Jan. 27.

However, the exchange did not disclose a target date for the completion of the delisting. The Trump administration had last year moved against certain Chinese companies that Washington said were owned or controlled by the Chinese military in an effort to ramp up pressure on Beijing.