CNOOC eyes private capital for expansion

China National Offshore Oil Corporation (CNOOC) plans to bring more private capital into its sales business, especially its gas station network.

General manager of the oil producer's marketing arm Sun Dalu said the corporation will accelerate mixed-ownership to increase vitality and expand business without necessarily taking a leading role in joint ventures.

China's third-largest oil producer wants a larger share of a petroleum market dominated by PetroChina and Sinopec. Nearly half of CNOOC's marketing businesses and 76 percent of its gas stations are co-owned with private shareholders.

CNOOC posted 56.5 billion yuan (around 9 billion U.S. dollars) in net profits last year, 11.4 percent less than in 2012, the corporation's financial report said.