China Oilfield Service Ltd (COSL), a listing arm of the country's largest offshore oil producer, CNOOC, set its initial public offering price at 13.48 yuan (US$1.79) for each share, according to a circular released by the company on Sunday.

COSL will raise 6.74 billion yuan with the price as it plans to issue 500 million shares in the yuan-dominated A share.

Its share is expected to be traded on September 28 at the Shanghai Stock Exchange, according to the company's previous report.

COSL, Asia's largest oilfield services provider with CNOOC controlling 62 percent of its stake, was listed on the Hong Kong Stock Exchange in November 2002, issuing 561 million shares and raising more than HK$1.04 billion.

In the first half of 2007, COSL earned 1.1 billion yuan in net profits, up 63.4 percent over the same period last year. Its business volume rose 48.6 percent to 4.26 billion yuan.

COSL chiefly operates offshore oil and gas prospecting, exploration and production services.

(Xinhua News Agency September 24, 2007)