Salomon upgrades CNOOC target price to HK$8.3

Salomon Smith Barney upgraded the per share net assets value of CNOOC (0883) to HK$9.61 and meanwhile upgraded its target price to HK$8.3, for the capital expenditure decreased and the oil price would also fall from US$26 each barrel in 2001 to US$19 each barrel in 2002.

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