Posted on 01/06/2005 9:31:23 PM PST by hedgetrimmer
CNOOC Ltd., China's third-biggest oil and gas group, is considering a bid of more than $13 billion for its U.S. rival Unocal Corp. in a deal that would mark the largest and most significant overseas acquisition by a Chinese company, the Financial Times reported Friday. Quoting people close to the situation, the British paper said the state-controlled group is interested in Unocal's Asian assets and has asked bankers to study a takeover of the whole company followed by a subsequent sale of the U.S. assets.
Unocal's main attraction for CNOOC is its extensive operations in several Asian countries, including Indonesia, Thailand and Bangladesh, according to the paper.
The negotiations are at an early stage and detailed talks have yet to take place, it said.
CNOOC's plans are the latest sign of Beijing's determination to push its flagship commodity companies to acquire natural resources to fuel the country's rapid industrialization and economic growth, the paper said.
The Hong Kong-incorporated public company engages primarily in the exploration, development and production of crude oil and natural gas offshore China.
Ping
China will never be a threat to us - or so I've been told by many people on this site.
On the other hand - I prefer to remain paranoid.
Wait, doesn't this mean China is really buying up Japan since Japan completely took over the United States in the 1980s and bought everything?
Japan had to sell it back to us for pennies on the dollar when their economy tanked in the early 90's.
I shudder at the thought of Unocal going Chinese though....
We run a dangerous trade deficit with China. With their US dollars that can make such acquisitions as UNICAL.
ping
Thanks for the ping. :') Sure will be amusing when the Chicoms are seen as the evil Big Oil company fat cats by our own leftists, eh? ;')
Unocal Midstream and Trade owns these pipelines:
Refined Products Systems
Colonial Pipeline
Crude Oil Systems - Onshore
Chicap Pipeline - Southcap (Capline) - Mesa Pipeline
Gulf of Mexico Crude Oil
High Island (HIPS) - Ship Shoal - Bonito - South Pass 49 - Whitecap - Eugene Island
Natural Gas Systems
TSMA - VanTex Pipeline
Alaska Crude Oil Systems
Trans Alaska Pipeline - Cook Inlet P/L & Terminal - Endicott Pipeline - Kuparuk Pipeline
Latin America
Transandean Pipeline
Southeast Asia
Yadana Natural Gas Pipeline
Crude Oil Gathering Systems
East Texas, West Texas, Southwest Louisiana, Wyoming, Gulf of Mexico and Alaska
Operates gas and oil pipelines in:
Thailand; Indonesia; Myanmar; Bangladesh;
The Netherlands; Azerbaijan; Congo
Owns gas and oil operations in:
Gulf of Mexico Development and
Operations
Gulf of Mexico Exploration and Appraisal
Unocal Beaumont Terminal (Texas)
Pure Resources, Inc. (Permian Basin)
Alaska (Cook Inlet/North Slope)
Northrock Resources Ltd.
(Alberta and Saskatchewan)
Aitken Creek Gas Storage Reservoir
(British Columbia)
Environmentalists have been holding US oil producers hostage for decades. But if China buys Unocal, then stopping oil production becomes a barrier to trade under our the "free trade" treaties signed by a congress abdicating its duty to preserve our rights and Constitution.
You are right, they will howl, but the treaties will usurp any constitutional laws or state law we have regarding oil production.
Wouldn't that be a clinker? US companies unable to produce oil domestically get taken over by Chinese government corporations and their production goes directly to China, instead of the American people as it would have before the WTO, the World Bank and the FTAs?
Circle Kracker is now known as Circle Panda
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