Keyword: unocal

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  • U.S. diplomat and longtime Pakistan expert is under federal investigation (Robin L. Raphel Again)

    11/07/2014 5:04:24 AM PST · by csvset · 21 replies
    WP ^ | November 6 2014 | Anne Gearan and Adam Goldman
    A veteran State Department diplomat and longtime Pakistan expert is under federal investigation as part of a counterintelligence probe and has had her security clearances withdrawn, according to U.S. officials. The FBI searched the Northwest Washington home of Robin L. Raphel last month, and her State Department office was also examined and sealed, officials said. Raphel, a fixture in Washington’s diplomatic and think-tank circles, was placed on administrative leave last month, and her contract with the State Department was allowed to expire this week. Two U.S. officials described the investigation as a counterintelligence matter, which typically involves allegations of spying...
  • Terrorists had a friend in Clinton White House called Robin

    09/28/2001 4:18:10 PM PDT · by knak · 164 replies · 3,286+ views
    Our Political Bureau NEW DELHI MANY functionaries of the United States State Department, who handled South Asia under the Clinton Administration, may have to face embarrassment when the Bush regime gets down to locating the factors that made it easier for terrorists to carry out the September 11 carnage. These functionaries, it is reliably learnt, ignored the warnings about the activities and intentions of the terrorist groups operating out of Afghanistan and Pakistan. One of such reports had come from Michael Sheehan, the head of counter-terrorism wing of the State Department. Sheehan’s report also listed the measures that the ...
  • Cnooc, Statoil wade into Eagle Ford shale ( NG and Oil--China and Norway Companies in Texas)

    10/11/2010 12:40:50 PM PDT · by Ernest_at_the_Beach · 24 replies · 1+ views
    MarketWatch ^ | Oct. 11, 2010, 10:16 a.m. EDT | Steve Gelsi, MarketWatch
    South Texas region draws third big investment in a weekNEW YORK (MarketWatch) — China National Offshore Oil Corp. and Norway’s Statoil ASA announced separate deals, both valued at more than $2 billion, to develop the Eagle Ford shale in south Texas. Statoil said Monday it would team up with Canada-based Talisman Energy Inc. to buy acreage in the Eagle Ford shale. Statoil and Talisman formed a joint venture to purchase assets from Enduring Resources LLC for $1.33 billion. Statoil will also pay $180 million for additional acreage. Statoil’s share of the two transactions will cost $843 million. Late Sunday, Cnooc...
  • Home

    11/16/2001 1:21:42 PM PST · by AndrewSshi · 10 replies · 626+ views
    The New Republic ^ | November 15, 2001 | Elizabeth Rubin
    "Hurry hurry hurry. We can destroy the enemy. Advance." "Hit hit hit the Taliban." "Hit him hit him hit him. Fire, fire." "We're arriving in Khalakhan." "Take care about the troops." "The Taliban are surrendering." "Bring them to me." "One hundred of them are coming to you." "El Ham captured a pickup with their weapons." These were the voices on the radio of the Northern Alliance commanders we have been visiting for weeks. Several other journalists and I were standing with some Afghan soldiers on the roof of a command post--a mud house with a tank's turret and gun jutting ...
  • CNOOC Announces $2.3B Nigeria Investment

    01/09/2006 5:05:27 AM PST · by Wiz · 14 replies · 450+ views
    Associated Press via Yahoo! News ^ | 2006 Jan 9 | Joe McDonald
    BEIJING - Chinese state-controlled oil company CNOOC Ltd. said Monday it is paying $2.3 billion for a 45 percent stake in a Nigerian oil field in its first major investment since its failed bid to take over Unocal Corp. last year. The deal adds to a multibillion-dollar string of foreign acquisitions by Chinese oil companies, which are aggressively pursuing energy supplies to fuel China's booming economy. The agreement, which requires approval from the Nigerian and Chinese governments, covers a deep-water area of the oil-rich Niger Delta region, CNOOC said. It said the area includes the Akpo oil field discovered in...
  • China - Clinton criticizes US for blocking Chinese takeover of California-based Unocal

    09/10/2005 2:10:19 AM PDT · by HAL9000 · 37 replies · 1,151+ views
    Interfax China ^ | September 10, 2005 | John Liu
    US and China should break the "old economy" - Clinton By John Liu Hangzhou September 10. INTERFAX-CHINA - Former US President Bill Clinton has said that China had no choice but to develop renewable sources of energy, saying that if new alternatives were not found to traditional modes of economic growth, international conflicts over scarce resources would become increasingly likely. Clinton, attending the China Internet Summit at the West Lake, organized by the e-commerce portal Alibaba in the coastal resort city of Hangzhou, noted that in an "interdependent" world, growing nations such as China and India had to find...
  • And another thing ... Sleeping with the enemy

    08/17/2005 4:01:28 PM PDT · by HalfAMind · 9 replies · 303+ views
    Oil Online ^ | Rick von Flatern
    To many, some American politicians' reaction to the Chinese National Offshore Oil Corp's (CNOOC) offer to buy US-based Unocal has made clear what they have long suspected: the conservative movement in America, particularly as envisioned by its patron saint Ronald Reagan, is dead. Ironically its downfall began only after the Congress and White House came to be controlled by Republican radicals who claimed to be motivated first and foremost by a visceral hatred of liberals and everything for which they stand. First, despite rhetoric to the contrary and almost immediately upon taking power, these conservatives-in-name-only began expanding the size of...
  • China halts bid for Unocal, but debate isn't over

    08/07/2005 2:32:23 AM PDT · by eastforker · 2 replies · 274+ views
    The Seattle Times ^ | 8/7/05 | Paul Richter
    WASHINGTON, D.C. — A Chinese oil company's fight to buy Unocal ended last week in an angry retreat, but not without leaving clear signs that other political battles loom in Washington, D.C., over how much more of America the cash-rich Chinese can acquire
  • Washington opposition forces Chinese to withdraw oil offer

    08/02/2005 7:18:07 PM PDT · by familyop · 2 replies · 416+ views
    The Guardian ^ | 03AUG05 | David Teather
    The Chinese energy firm Cnooc yesterday abandoned its $18.5bn (£10.5bn) bid for US oil and gas firm Unocal, citing "unprecedented political opposition" from Washington. The bid by Cnooc, which is 71% owned by the Chinese government, sparked a furious outcry in Washington where politicians denounced the offer as a threat to national security. Some of the more fiery rhetoric characterised the bid as the beginning of a frantic grab by the Chinese for control of the world's energy supplies. California congressman Richard Pombo warned that the deal could have "disastrous consequences for our economic and national security". Cnooc's decision to...
  • CHINA WITHDRAWS UNOCAL BID

    08/02/2005 6:10:14 AM PDT · by SoFloFreeper · 37 replies · 1,090+ views
    Associated Press | August 2, 2005
    NEW YORK (AP) -- CNOOC Limited says it has withdrawn its $18.5 billion offer for Unocal Corp.
  • Takeover Bid Reveals Washington's Lack of Strategic Thinking On China

    07/26/2005 9:11:13 AM PDT · by Willie Green · 17 replies · 608+ views
    AmericanEconomicAlert.org ^ | Monday, July 25, 2005 | Alan Tonelson
    For education and discussion only. Not for commercial use. The China National Offshore Oil Company's attempted takeover of the U.S. oil company Unocal may have suffered a fatal setback last week when the Unocal board endorsed a rival offer from U.S.-owned Chevron. In addition, Chinese appliance maker Haier has dropped out of the competition to buy U.S. competitor Maytag. At the same time, U.S. officials still need to fill the policy vacuum revealed by these two offers – for many more will surely follow in their wake. The bid for Unocal in particular, seems to have finally awakened many U.S....
  • Terms soured bid by CNOOC - Chinese oil giant pressed Unocal to lobby on its behalf

    07/26/2005 12:29:49 AM PDT · by Cincinatus' Wife · 7 replies · 514+ views
    Houston Chronicle ^ | July 26, 2005 | LYNN J. COOK
    Buried in the fine print of Unocal's latest filing with regulators is an interesting dissection of the behind-closed-doors dealing that has played out as Chevron and China's CNOOC Ltd. bid against each other for one of this country's oldest oil companies. According to the filing, Unocal on July 16 almost secured a higher all-cash offer of $69 per share from CNOOC, a subsidiary of government-owned China National Offshore Oil Co. But the wheels fell off when the national oil company insisted Unocal lobby on CNOOC's behalf before Congress, according to Unocal's updated proxy statement filed with the Securities and Exchange...
  • Unocal urged to consider higher bid

    07/25/2005 1:10:38 AM PDT · by carl in alaska · 11 replies · 611+ views
    Reuters ^ | 7/24/05
    Unocal Corp. urged on Sunday the company's board to consider a higher takeover offer from China's CNOOC Ltd. than one it backed from Chevron Corp. Peter Schoenfeld, chief executive of P. Schoenfeld Asset Management which holds over 1 million Unocal shares, said the company would be liable to stockholders for any lost premium on the deal if it refused to seek a higher offer. Schoenfeld released a copy of a July 20 letter sent to Unocal's board in which he estimated shareholder damages would be "at least several billion dollars." "We demand that the Unocal board of directors adhere to...
  • The Burden of Free Markets - (ChiComs' ominous expansionism; a different perspective)

    07/23/2005 7:50:42 PM PDT · by CHARLITE · 2 replies · 412+ views
    AMERICAN SPECTATOR.ORG ^ | JULY 22, 2005 | J. Peter Freire
    Engaging in philosophical economics can be very exciting for those with the right charts and graphs, which is why it can be vexing for those who only care about bottom lines. Your ability to explain the superiority of supply-side whatever will only go so far with a businessman whose eye is fixated on his ledger. Moral arguments, let alone nationalistic ones, won't register. Which is why China's attempt to purchase UNOCAL, an American oil company, is such an interesting story. Who for a moment could believe that our good friend China (good enough to have high trade status with, anyway)...
  • Unocal Accepts New Chevron Bid

    07/20/2005 10:02:19 AM PDT · by eastforker · 108 replies · 3,587+ views
    globeandmail.com ^ | 7/20/05 | AP
    Unocal's board of directors has endorsed a sweetened, $17-billion (U.S.) takeover bid from Chevron, rejecting a higher offer from one of China's state-owned oil companies.
  • Unocal board backs Chevron takeover bid

    07/20/2005 12:03:05 AM PDT · by Cincinatus' Wife · 10 replies · 404+ views
    Houston Chronicle ^ | July 20, 2005 | AP
    LOS ANGELES — Unocal's board of directors Tuesday recommended that its shareholders accept a last-minute, $17 billion takeover bid from Chevron, rejecting a competing offer from China's third-largest oil company. Chevron boosted its offer by $2 per share shortly before the Unocal board met Tuesday night, raising its bid to $63 per share or more than $17 billion. "Our increased offer has been driven by competitive circumstances, but even at this higher price it remains a compelling transaction for Chevron stockholders," Chevron Chairman and Chief Executive Officer David J. OReilly said in a statement late Tuesday. Hours later, Unocal's board...
  • Lawmakers try to block China's bid for Unocal

    07/16/2005 2:31:59 PM PDT · by radar101 · 5 replies · 299+ views
    S F Chron ^ | July 16, 2005 | David Armstrong,
    China's third-largest oil company has run into roadblocks in both houses of Congress over its bid to buy California's Unocal Corp. Sen. Byron Dorgan, D-N.D., introduced a bill in the Senate on Friday that would bar the Chinese National Offshore Oil Co. from buying Unocal. The 70 percent government-owned CNOOC has presented an $18.5 billion unsolicited bid for the U.S. oil and gas firm. Rep. Richard Pombo, R-Tracy, said he plans to introduce an amendment to the House's Energy Policy Act of 2005 that would intensify scrutiny of Chinese policies. Pombo's 11th District encompasses the San Ramon headquarters of Chevron...
  • Unocal board won't back CNOOC bid

    07/15/2005 4:00:25 PM PDT · by Dane · 8 replies · 413+ views
    Unocal board won't back CNOOC bid Unocal Corp.'s directors refused to support a takeover of their company by CNOOC Ltd., the oil company whose parent is owned by the government of China. Sources familiar with the bid said the Unocal directors didn't back the unsolicited takeover bid because the CNOOC bid did not raise the Chinese oil company's $18.5 billion cash offer. San Ramon-based Chevron Corp. (CVX) has offered $16.3 billion in cash and stock to snap up Unocal. Chevron says its bid is superior to CNOOC's because the Chevron bid would close quickly, while CNOOC's proposal faces lengthy government...
  • Unocal board won't back CNOOC bid

    07/15/2005 6:04:00 PM PDT · by RoyalsFan · 8 replies · 357+ views
    The San Jose Mercury News ^ | 07/15/05 | George Avalos
    Unocal board won't back CNOOC bid Unocal Corp.'s directors refused to support a takeover of their company by CNOOC Ltd., the oil company whose parent is owned by the government of China. Sources familiar with the bid said the Unocal directors didn't back the unsolicited takeover bid because the CNOOC bid did not raise the Chinese oil company's $18.5 billion cash offer. San Ramon-based Chevron Corp. (CVX) has offered $16.3 billion in cash and stock to snap up Unocal. Chevron says its bid is superior to CNOOC's because the Chevron bid would close quickly, while CNOOC's proposal faces lengthy government...
  • Democrat Sen. vows to try to stop China-Unocal deal (Republican - 'Congress shouldn't get involved')

    07/15/2005 5:48:17 PM PDT · by Libloather · 11 replies · 956+ views
    Yahoo News ^ | 7/15/05
    Senator vows to try to stop China-Unocal deal By Richard Cowan 2 hours, 42 minutes ago A Democratic senator said on July 15 he would try to get the Senate to pass legislation blocking the sale of Unocal to Chinese oil company CNOOC as it was against U.S. national interests. Sen. Byron Dorgan of North Dakota said he was considering attaching his proposal to a foreign operations spending bill being debated by the Senate on July 15 and next week or to another bill. An aide delivers a message to Senator Dorgan (R) at the start of a hearing, November...
  • CHINESE GENERAL WARNS U.S.

    07/15/2005 1:28:05 PM PDT · by Robert Drobot · 34 replies · 1,290+ views
    CNEWS ^ | 15 July 2005 | Joe McDonald
    BEIJING (AP) - A Chinese general said Beijing might respond with nuclear weapons if the United States attacked China in a conflict over Taiwan, news reports said Friday. While the general has no policy-making role in China, his comments could add to tensions with Washington at a time of U.S. worries about China's military buildup and the proposed takeover of the oil company Unocal Corp. by a Chinese state-run company. "If the Americans draw their missiles and position-guided ammunition into the target zone on China's territory, I think we will have to respond with nuclear weapons," Maj.-Gen. Zhu Chenghu, a...
  • Market Impact [ UCOOC, Unocal, Red Alert ]

    07/15/2005 11:50:21 AM PDT · by Paul Ross · 30 replies · 1,849+ views
    The Center For Security Policy ^ | July 15, 2005 | Frank Gaffney
    Market impact -- THE CENTER FOR SECURITY POLICY Friday, July 15, 2005 As reported by Bloomberg News, China National Offshore Oil Corporation (CNOOC) stocks fell following Center for Security Policy President Frank Gaffney's testimony Wednesday before the House Armed Services Committee that called attention to the adverse economic and national security implications of CNOOC's $18.5 billion bid to purchase Unocal. Gaffney pointed out that the PRC's play for Unocal's energy and rare earth mineral assets is hardly a normal commercial transaction, but rather part of Beijing's long-term plan to dominate strategic energy resources, materials, minerals and technologies in order to...
  • Unocal meeting ends, bidding war expected

    07/14/2005 5:01:41 PM PDT · by Brilliant · 39 replies · 439+ views
    Reuters via Yahoo! ^ | July 14, 2005 | Deepa Babington
    NEW YORK (Reuters) - A crucial Unocal Corp. board meeting on Thursday to discuss competing bids from Chevron Corp. (NYSE:CVX - News) and a Chinese oil company ended without any public statement on the outcome, as expectations of a bidding war between the two suitors grew. Unocal -- which has so far backed Chevron's offer despite a higher bid from China's CNOOC Ltd.-- declined to provide any details on the meeting at the company's El Segundo, California, headquarters. A Unocal spokesman said it would violate securities law if he disclosed when the company plans to issue a statement. The jockeyeing...
  • The China connection Lawmakers lash out at CNOOC's unsolicited bid for Unocal

    07/14/2005 9:04:26 AM PDT · by Happy2BMe · 18 replies · 460+ views
    A Chinese oil firm's bid to buy Unocal Corp. is part of that country's plan to shoulder past the United States as the globe's dominant superpower, panelists at a Capitol Hill hearing warned Wednesday. "I believe the (People's Republic of China's) aim is inexorably to supplant the United States as the world's premier economic power and, if necessary, to defeat us militarily," said Frank Gaffney, an assistant secretary of defense in the Reagan administration.
  • Lawmakers Warn Against Unocal Takeover by China

    07/13/2005 7:07:26 PM PDT · by Happy2BMe · 18 replies · 485+ views
    WASHINGTON -- A Chinese company's attempt to take over California-based Unocal threatens U.S. security and would give China political leverage in areas where the oil company has resources, lawmakers said Wednesday. "The simple fact is that energy is a strategic commodity," said Rep. Duncan Hunter, chairman of the House Armed Services Committee. Hunter, R-Calif., said Unocal's holdings _ from drilling rights to exploratory capabilities in Asia and elsewhere _ "represent strategic assets that affect U.S. national security."
  • Buying America, Chinese-style —Orville Schell

    07/13/2005 8:26:21 AM PDT · by Dr. Marten · 18 replies · 510+ views
    Daily Times ^ | 07.13.05 | Dr. Orville Schell
    Buying America, Chinese-style —Orville Schell Just as Bank of America’s current bid for a stake in the China Construction Bank raises no objections among US politicians, China, too must be permitted to invest abroad freely. What is fare for the US goose must be fare for the Chinese gander America’s relations with China have a disturbing tendency to oscillate between embrace and rejection, and that manic ambivalence is now on open display, as China’s relentlessly mounting economic power has finally resulted in the inevitable: Chinese firms are starting to buy up American companies. The United States received its first shock...
  • Kissinger advisor for Unocal and CNOCC

    07/13/2005 8:47:14 AM PDT · by Alexander Rubin · 2 replies · 272+ views
    Canada Free Press ^ | Wednesday, July 13, 2005 | Judi McLeod
    Toronto-- Tomorrow is D-Day for the Republic of China gaining a toehold in the American business world. Thursday is the day when the battle between Chevron corp. and CNOOC over Unocal Corp. is set to come to a head with the U.S. company’s board due to decide whether to back the Chinese group’s US$18.5-billion bid and withdraw support for Chevron’s US$16.6-billion cash-and-share offer, says the Financial Times. "The Unocal board’s decision is crucial to the outcome of CNOOC’s attempt to challenge Chevron–a move that has sparked a barrage of opposition from U.S. politicians." CNOOC’s offer will be the subject of...
  • Report: CNOOC May Raise Its Unocal Bid

    07/13/2005 4:43:44 AM PDT · by Brilliant · 237+ views
    AP via Yahoo! ^ | July 13, 2005 | AP
    BEIJING (AP) -- Chinese oil company CNOOC Ltd. is considering raising its $18.5 billion bid for Unocal Corp., according to a published report Wednesday. The state-controlled company's board also was expected to consider making other changes to its bid, the Financial Times said, citing unidentified sources. It didn't say what the higher offer might be. Spokesmen for Hong Kong-based CNOOC didn't immediately return telephone calls seeking comment. A higher bid would reflect the state-controlled Chinese firm's determination to woo Unocal shareholders away from a competing bid of $16.6 billion by Chevron Corp. "The board is unified. The board is interested...
  • Unocal Bid Opens Up New Issues of Security

    07/12/2005 7:21:36 PM PDT · by Tumbleweed_Connection · 155+ views
    NYT ^ | 7/13/05 | Steve Lohr
    The fate of the China National Offshore Oil Corporation's bid for Unocal remains uncertain, but one thing is clear. The takeover offer has prompted a gathering groundswell in Congress to make sure oil is defined as a product vital to America's national security. If the political push gains momentum, it will change the mandate and reach of a little-known, secretive body with representatives from 12 government agencies, the Committee on Foreign Investment in the United States. The outcome of Cnooc's bid for Unocal may rest in the hands of that committee. One salvo came at the end of last month...
  • Risky trade with China

    07/12/2005 11:28:31 AM PDT · by JZelle · 216+ views
    The Washington Times ^ | 7-12-05 | Robert Maginnis
    A Chinese state-owned energy company's bid to buy a U.S. oil firm threatens American security and exposes the flaws in a 5-year-old law. Rep. Joe Barton, Texas Republican, promises to hold an energy and commerce committee hearing this month on the proposal by Chinese National Offshore Oil Co. to buy Unocal. Others in Congress have asked President Bush to "investigate the economic and national security implications of this potential acquisition." These concerns are appropriate, but we must look beyond the sale of an oil company and consider China's track record since the passage of legislation granting them Permanent Normal Trade...
  • Bush warns to let review of Chinese UNOCAL bid run

    07/07/2005 2:14:22 PM PDT · by Crackingham · 41 replies · 944+ views
    Reuters ^ | 7/7/05
    President Bush said on Thursday it was best to let an official U.S. review of the Chinese bid for U.S. oil company Unocal run its course without him getting involved. "There is a process that our government uses to analyze such purchases. It's best I allow this process to move forward without comment," he said when questioned on the sidelines of a Group of Eight summit at Gleneagles, Scotland. The Chinese state-controlled energy firm CNOOC Ltd has offered $18.5 billion bid for Unocal Corp., higher than a rival offer from U.S. firm Chevron Corp . Despite the higher price of...
  • Unocal may back bid by China's CNOOC if it meets conditions - report [Chi-Com State Owned Business]

    07/07/2005 8:43:52 AM PDT · by conservativecorner · 19 replies · 512+ views
    Interactive Investor ^ | July 7, 2005 | Unknown
    BEIJING (AFX) - Unocal Corp has told CNOOC Ltd it will consider withdrawing its backing for a 16.5 bln usd bid by Chevron Corp in favour of the Chinese company's 18.5 bln usd offer if it pledged to meet a number of conditions, the Financial Times reported. The newspaper, citing people close to the situation, said the conditions include requests for divestments and other demands from US regulators. The paper said CNOOC and Unocal have been in negotiations over the state- controlled group's landmark bid for the last 10 days. The US oil and gas group has set out what...
  • China Oil Exec Dismayed Over U.S. Reaction to Unocal Bid...

    07/06/2005 6:44:02 PM PDT · by crushelits · 44 replies · 889+ views
    washingtonpost.com ^ | Wednesday, July 6, 2005 | Peter S. Goodman
    BEIJING, July 6 -- The chairman of CNOOC Ltd., the Chinese energy firm embroiled in a thorny campaign to purchase the U.S. oil company Unocal Corp., voiced dismay on Wednesday over what he called "overreaction" from Washington by those portraying the deal as a threat to fair trade and U.S. national security.In an interview with The Washington Post at CNOOC's headquarters in Beijing, Chairman Fu Chengyu said critics of his company's bid for Unocal were guilty of viewing China through an outdated lens by failing to appreciate how economic reforms have forced Chinese companies to adopt market principles and focus...
  • Chevron rules out Unocal carve-up if Chinese defeated

    07/06/2005 10:50:06 AM PDT · by hedgetrimmer · 28 replies · 567+ views
    MCN International ^ | 07 July 2005
    WASHINGTON : US oil major Chevron ruled out splitting up Unocal if it wins a battle against a state-owned Chinese company for control of the California firm. Chevron vice chairman Peter Robertson said the China National Offshore Oil Corporation (CNOOC) has no chance of winning Unocal's Asian assets in a carve-up. "If the idea is that we take the US assets and somebody else takes Asia, that is not why we got into this game," he told The Financial Times. Unocal's Asian operations, which comprise 70 percent of its total assets, are the key appeal for both Chevron and CNOOC...
  • Unocal 101

    07/06/2005 7:03:45 AM PDT · by hinterlander · 12 replies · 496+ views
    Human Events ^ | July 6, 2005 | Terence P. Jeffrey
    You don’t need to be Carl von Clausewitz to figure out that it could damage U.S. security interests if the Communists in Beijing defeat Chevron in their competing bids to purchase Unocal, the 9th largest U.S. oil-and-gas company. Just as Clauswitz, the 19th-century Prussian strategist, argued that war is the continuation of politics by other means, the People’s Republic of China has discovered that acquiring certain assets on the world market is politics by other means. It does not matter whether the asset the regime seeks is state-of-the-art missile technology or old-fashioned crude, the ultimate question is whether the acquisition...
  • Why Is America Worried? CNOOC will be good for Unocal's shareholders--and for U.S. oil and jobs.

    07/06/2005 4:10:42 AM PDT · by Kaslin · 17 replies · 774+ views
    Opinion Journal ^ | July 6, 2005 | FU CHENGYU
    Two weeks ago, our company, CNOOC Ltd., extended a friendly, all-cash offer to Unocal's board of directors. After being invited to engage in dialogue with Unocal earlier this year, we entered detailed negotiations regarding a possible merger. We have made our offer because Unocal's asset base fits our business extremely well--70% of its oil and gas reserves are close to Asian markets where we operate. We are listed on the New York and Hong Kong stock exchanges and have fiduciary obligations to all of our shareholders. We believe this merger will offer our shareholders, which include many leading U.S. institutional...
  • China tells U.S. Congress to stop interfering in Unocal bid

    07/05/2005 9:17:17 AM PDT · by NormsRevenge · 49 replies · 953+ views
    Bakersfield Californian ^ | 7/5/05 | AP - Peking
    BEIJING (AP) - China on Tuesday demanded that Congress "correct its mistaken ways" and stop interfering in the proposed takeover of the Unocal oil corporation by China's state-owned CNOOC Ltd. American politicians had warned the $18.5 billion takeover bid announced last month could pose risks to U.S. national security and called for a full review by the Bush administration. The Chinese company's officials have welcomed a security review and denied that CNOOC was acting on behalf of China's government, which is in the midst of a multibillion-dollar campaign to secure foreign oil and gas supplies to power its booming economy....
  • In Seeking Unocal, Chevron Ruffles an Asian Partner

    07/05/2005 12:05:22 AM PDT · by neverdem · 4 replies · 496+ views
    NY Times ^ | July 5, 2005 | JAD MOUAWAD and DAVID BARBOZA
    The last thing Chevron wanted when it made its $16.8 billion offer for Unocal back in April was to be pitted in a takeover battle against the Chinese government. After all, one of the main reasons it went after Unocal, a California-based independent oil company with vast resources in Asia, was to sell oil and gas to the fastest-growing energy market in the world, China. But on June 22, when the state-controlled China National Offshore Oil Corporation, or Cnooc, countered with a higher bid for Unocal, Chevron found itself in a delicate position. Since then, Chevron's managers have gone into...
  • China Criticizes U.S. Actions on Unocal Bid

    07/04/2005 6:01:48 PM PDT · by crushelits · 18 replies · 623+ views
    washingtonpost.com ^ | Monday, July 4, 2005 | Peter S. Goodman
    SHANGHAI, July 4 -- The Chinese government on Monday sharply criticized the United States for threatening to erect barriers aimed at preventing the attempted takeover of the American oil company Unocal by one of China's three largest energy firms, CNOOC Ltd.Four days after the U.S. House of Representatives overwhelmingly approved a resolution urging the Bush administration to block the proposed transaction as a threat to national security, China's Foreign Ministry excoriated Congress for injecting politics into what it characterized as a standard business matter. "We demand that the U.S. Congress correct its mistaken ways of politicizing economic and trade issues...
  • Reuters Summit-Chinese may soon park money in U.S. buildings

    07/04/2005 7:01:52 AM PDT · by TigerLikesRooster · 14 replies · 543+ views
    Reuters ^ | 07/01/05 | Ilaina Jonas
    Saturday July 2, 6:33 AM Reuters Summit-Chinese may soon park money in U.S. buildingsNEW YORK, July 1 (Reuters) - Today, it's oil and washing machines, but tomorrow, they may take Manhattan. That's how U.S. real estate experts view the bids by Chinese companies to buy Unocal Corp. , the U.S. oil company, and Maytag Corp. , the iconic American maker of washing machines and other appliances. This aggressive interest in buying U.S. companies could signal broader investment from China in the United States that would include land and buildings in major American cities, real estate experts said this week at...
  • China tells US lawmakers to back off CNOOC's takeover bid of Unocal

    07/04/2005 9:10:43 AM PDT · by Righty_McRight · 69 replies · 1,693+ views
    AFP ^ | June 4, 2005
    BEIJING (AFP) - China angrily responded to a vote by US lawmakers urging the Bush administration to block the 18.5 billion-dollar bid by China National Offshore Oil Corporation (CNOOC) to take over US oil group Unocal. "We demand that the US Congress correct its mistaken ways of politicizing economic and trade issues and stop interfering in the normal commercial exchanges between enterprises of the two countries," China's foreign ministry said in a statement. "CNOOC's bid to take over the US Unocal company is a normal commercial activity between enterprises and should not fall victim to political interference. "The development of...
  • Oil Denomination: The clash between United States and China starts

    07/04/2005 1:01:07 AM PDT · by Srirangan · 6 replies · 948+ views
    The oil war is openly declared now and the world shall stand to witness it. In what seems to be the clash of China and the United States over Unocal is already having its impact felt all over the world. United States is a nation driven by the politics of oil and influence. The mammoth growth of China is a reality and for the first time China is directly contesting America’s sphere of influence all over the world. With oil prices touching record high of 60 dollars per barrel the war is likely to intensify if anything else. But one...
  • China oil firm tries to ease worries on Unocal (Strictly business, says China)

    07/01/2005 6:26:28 PM PDT · by TheBigPicture · 6 replies · 198+ views
    MSNBC ^ | June 2005
    China oil firm tries to ease worries on Unocal CNOOC willing to divest assets, allow American management The Associated Press Updated: 12:51 p.m. ET June 24, 2005 BEIJING - Trying to allay U.S. national security worries about its bid for Unocal Corp., Chinese state-owned oil company CNOOC Ltd. said Friday it was willing to discuss selling some Unocal assets and putting others under American management. The announcement came after four members of Congress called on the U.S. government on Thursday to review the security implications of allowing a Chinese state-controlled firm to take control of the ninth-largest American oil producer....
  • The Post Cold War Peace Is Over (China, Oil, and UNOCAL)

    07/01/2005 5:49:44 PM PDT · by TheBigPicture · 12 replies · 626+ views
    Newmax ^ | June 28, 2005 | Wes Vernon
    The Post Cold War Peace Is Over Wes Vernon Tuesday, June 28, 2005 Excuse me, but there seems to be a disconnect here. On the one hand, Pentagon officials are warning that China's buildup of its military might is growing faster than U.S. intelligence expected, bolstering suspicions of an attack on Taiwan within two years — meaning war with the United States, which is honor-bound to defend Taiwan. All the while, China's People's Liberation Army regards the U.S. as "the main adversary," and has laid out plans in black and white as to its preparations for war with us. On...
  • New hurdle for China's Unocal bid (House votes down China oil bid)

    07/01/2005 3:25:41 PM PDT · by traumer · 47 replies · 564+ views
    The US House of Representatives has voted to block the Bush administration from backing a Chinese takeover attempt for US oil firm Unocal. The Republican-led house voted against any backing for the $18.5bn (£10bn) bid put forward by China's CNOOC oil firm. But the move needs approval from the Senate, which has not considered such a proposal. CNOOC's bid trumps a $16.3bn cash and share offer tabled by fellow US oil group Chevron. US opposition On Thursday the US government gave the go-ahead to Chevron's takeover of its US rival, the ninth biggest oil firm in the US. The approval...
  • Iraq Is About Oil

    07/01/2005 5:32:46 AM PDT · by robowombat · 26 replies · 894+ views
    Military.com ^ | June 29, 2005 | Allan Topol
    President Bush was very wise to make his Iraqi speech this week. He and his advisors are following the same public opinion polls we all are. Polls show that support for the war among Americans has been falling. Time has now become an enemy, almost as threatening as the insurgents, to the President's ability to achieve a victory. Our nation does not have much patience for fighting wars that are not discernibly winnable in a relatively short period of time. With congressional elections next year, anti-war sentiment could easily be expressed by voters -- resulting in the erosion of the...
  • Keep Communists Out Of American Boardrooms (China/UNOCAL)

    06/30/2005 2:54:29 AM PDT · by TheBigPicture · 13 replies · 696+ views
    Forbes ^ | June 28, 2005 | Carlton Delfeld
    Keep Communists Out Of American Boardrooms Carlton Delfeld, 06.28.05 There are two principles that should guide America's policy towards foreign companies interested in acquiring ownership and control of U.S. companies. These principles are openness to private investment in areas not affecting our national security, and reciprocity in allowing American companies to invest in the potential buyer's home country. These principles should be applied consistently and should not be aimed at any specific country. Given the recent controversy regarding high profile Chinese bids for American companies, these principles should be applied to determine whether these bids are acceptable. First, we must...
  • House Republicans push Unocal inquiry

    06/30/2005 12:58:20 AM PDT · by Cincinatus' Wife · 13 replies · 479+ views
    Houston Chronicle ^ | June 30, 2005 | TOM FOWLER
    Congress may be asked to consider a resolution today requesting that the White House investigate whether a Chinese state-owned energy company's bid to buy U.S. oil firm Unocal would be a threat to national security. The resolution by Republican members of the House will not call for denial of the plan by the Chinese National Offshore Oil Co., or CNOOC, to buy Unocal for $18.5 billion in cash. But a spokesman for House Resources Committee Chairman Richard Pombo, one of the authors, said it would ask the Committee on Foreign Investments to investigate the deal. "We just want national security...
  • China tells U.S. not to meddle in oil deal

    06/29/2005 8:15:49 AM PDT · by spycatcher · 255 replies · 5,324+ views
    BEIJING, June 29 (UPI) -- China expressed opposition to interference in a government-controlled oil company's bid for the U.S.-based oil company Unocal, state media said Wednesday. Foreign Ministry spokesman Liu Jianchao said that China National Offshore Oil Corporation's $18.5 billion offer for Unocal was "normal commercial activity between enterprises." Liu said "economic cooperation between China and the U.S. serves the interests of both sides and commercial activities should not be interfered in or disturbed by political elements." There are growing concerns in Washington over the deal as some U.S. officials are uncomfortable with CNOOC, 70 percent owned by the Chinese...
  • China and Unocal

    06/28/2005 9:18:19 AM PDT · by hedgetrimmer · 17 replies · 547+ views
    LA NUEVA CUBA ^ | June 27, 2005 | Irwin M. Stelzer
    FEDERAL RESERVE CHAIRMAN Alan Greenspan teamed up with Treasury Secretary John Snow to urge calm when they went before a Senate committee last week. Once again, politicians and policy wonks are up in arms about a foreign takeover of an American company, in this case the attempted acquisition of Unocal by China's National Offshore Oil Corporation (CNOOC). To those who remember the hysteria that greeted Japan's purchase of Rockefeller Center, the jewel in the crown of New York real estate, in the late 1980s, "It's déja vu all over again," to borrow from the Yankee sage, Yogi Berra. That might...