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Topic: CNOOC

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	CNOOC Will Pursue Unocal Bid
		Fu 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.
		CNOOC is based in Hong Kong but 70 percent of its shares are owned by China's third-largest government oil company.
		Fu said CNOOC wants Unocal's reserves, 70 percent of which are in Asia and 60 percent of which are gas _ a fuel that China is eager to acquire as an alternative to dirtier coal.
	www.infowars.com /articles/world/china_cnooc_pursue_unocal_bid.htm (660 words)

	Asia Times: Investors courting China's CNOOC
		CNOOC has also struck oil in five exploration joint ventures this year, and these are expected to come on line over the next few years.
		CNOOC has said it will offer new blocks for oil and gas exploration and development in early 2001 as part of a move to further open the sector to foreign investors.
		CNOOC was incorporated in 1982 and has signed approximately 145 oil contracts with 70 oil companies from 18 countries and regions and attracted nearly $7 billion in foreign investment.
	www.atimes.com /reports/BK10Ai01.html (1367 words)

	Cnooc's first-half profit soars 69% - Business - International Herald Tribune
		Cnooc is leading a push to expand liquefied natural gas supplies in China, proposing seven plants from Guangdong Province in the south to Tianjin near Beijing.
		Cnooc's chairman, Fu Chengyu, rebuffed this month after making an $18.5 billion bid for the U.S. oil company Unocal, may seek "opportunistic" acquisitions and stakes in LNG fields, according to the earnings presentation.
		Cnooc, China's dominant offshore oil and natural gas producer, increased earnings at a faster pace than its domestic rivals, PetroChina and China Petroleum & Chemical, whose gains from surging crude oil prices were eroded by a slump in refining profits.
	www.iht.com /articles/2005/08/30/business/cnooc.php (484 words)

	TIMEasia Magazine: The Energy Game
		But if CNOOC proceeds and prevails, it would be the first time a Chinese firm has beaten a top-flight American one in the race for a prized asset.
		CNOOC has been building liquefied-natural-gas terminals on the coast of China, with the intent of shipping gas it discovers offshore to bustling markets inland.
		CNOOC would have to top that bid, send a breakup fee to Chevron of $500 million if the original deal went sour, and pay for it all in cash.
	www.time.com /time/asia/2005/china_resource/china_oil.html (1019 words)

	CNN.com - CNOOC buys Indonesian oil fields - January 21, 2002
		CNOOC is buying nine subsidiaries from Repsol that operate in five oil and gas fields.
		Because most of the operations are offshore, CNOOC should be spared if Indonesia suffers a repeat of the political turmoil last year that made life almost impossible for multinationals working there.
		CNOOC Ltd. is the public wing of state-owned China National Offshore Oil Corp., China's third-largest oil producer, after No. 1 PetroChina and No. 2 Sinopec.
	edition.cnn.com /2002/BUSINESS/asia/01/21/ind.cnooc/index.html?related (421 words)

	CNOOC - Wikipedia, the free encyclopedia
		CNOOC is a state-owned oil company, 70% of whose shares are owned by the Government of the People's Republic of China, and the State-Owned Assets Supervision and Administration Commission of the State Council performs the rights and obligations of shareholder on behalf of the government.
		CNOOC has accumulated vast experiences in the field of Liquefied Natural Gas in the past few years.
		In these projects, CNOOC not only is responsible for the construction of LNG receiving terminals and trunklines for gas transmission, but also for the construction of gas-fired power plants too.
	en.wikipedia.org /wiki/CNOOC (1277 words)

	China backs away from Unocal bid - Business - International Herald Tribune
		Cnooc's all-cash bid for Unocal in late June was the largest takeover attempt ever made in the United States by a Chinese company.
		People involved in the Cnooc bid said that China's largest offshore oil and natural gas company was determined to acquire Unocal, and that Cnooc's board was even considering raising its already superior cash offer to as much as $20 billion this week to edge Chevron out of the bidding.
		Cnooc officials pleaded with officials in Washington and at Unocal, saying that they were simply attempting a "friendly" takeover of Unocal with a higher bid and would even pay the $500 million breakup to Chevron if Unocal agreed to break its earlier agreement with Chevron, according to people involved in Cnooc's talks to acquire Unocal.
	www.iht.com /articles/2005/08/02/business/unocal.php (1078 words)

	Is CNOOC's Bid for Unocal a Threat to America? - Knowledge@Wharton
		CNOOC's bid has raised eyebrows in Washington not only on its own merits but because the bid is just the latest in a series of developments that have heightened Sino-American tensions.
		Still, CNOOC's ambitious move is primarily controversial because oil is a commodity vital to economic health and national security, according to Wharton management professor Marshall Meyer.
		CNOOC is ultimately government-owned and in some respects can choose to use government powers if it wants to.
	knowledge.wharton.upenn.edu /article/1240.cfm (2517 words)

	After earlier fumbles, Cnooc played to win (Site not responding. Last check: 2007-10-03)
		Driving Cnooc's strategy are a group of Chinese men who grew up amid the turmoil of the Cultural Revolution of the 1960s and 1970s, spent time studying abroad, and are now leading the takeover attempt or helping advise it.
		Cnooc's strategy -- a hybrid of U.S. public-relations savvy and strong financial support from its state-owned parent company and state banks -- could form a template for other Chinese companies to follow.
		Leading the lobbying on behalf of Cnooc is Akin Gump Strauss Hauer and Feld, the Dallas law firm with deep ties to both political parties.
	www.post-gazette.com /pg/05178/529258.stm (2231 words)

	CPR: October 2005: CNOOC V. CFIUS
		CNOOC placed enormous value on this acquisition, much more than market analysts regarded as reasonable, and its board authorized the company to raise its bid **indefinitely.
		CNOOC had not hidden its intentions well: by choosing "Operation Bao Chuan" as its code name for the acquisition, points out John Tkacik, senior fellow at the Heritage Foundation, "China hoped to conjure up national pride by making reference to the huge treasure ships that were sent to pillage Africa in the 1400's."
		The CNOOC acquisition was not merely an effort to have a bigger bargaining chip in negotiations with the US and the rest of the industrialized world, but an attempt to safeguard a supply of cheap energy for China's own burgeoning industrial sector.
	www.columbiapoliticalreview.com /issues/5/1/cnooc_cfius.html (1084 words)

	Business: Unocal says CNOOC had shot at takeover deal
		CNOOC's bid touched off weeks of negotiations between the companies, as well as a backlash in Congress, where many legislators feared the proposed deal presented risks to America's economic and national security.
		CNOOC, which had been authorized by its board to raise its all-cash offer to $69 a share, said the next day it would not put any more money on the table unless Unocal agreed to pay the $500-million cost of terminating the Chevron deal and lobby for the deal in Congress.
		Although it was still lower than CNOOC's bid, Unocal's board accepted it and recommended shareholders approve it based on the likelihood of a quick completion of the deal.
	www.sptimes.com /2005/07/26/Business/Unocal_says_CNOOC_had.shtml (709 words)

	International Assessment and Strategy Center > Research > The Truth Behind CNOOC
		CNOOC has shareholders, directors, by laws, a board, by laws etc. but there is no reporting requirement, so we do not know exactly, who or what they are.
		CNOOC Ltd. is paying top dollar for a firm that is 70% of its own size based on Unocal's present market capitalization value, which has been bloated by the record price for oil.
		Given the basics of CNOOC Ltd.'s bid, it will only be a matter of time before a feeding frenzy proves to the Chinese leadership the real power of the United States and her laws.
	www.strategycenter.net /research/pubID.74/pub_detail.asp (3825 words)

	Asia Times Online :: China News, China Business News, Taiwan and Hong Kong News and Business.
		CNOOC announced on the night of August 2 that it had withdrawn its acquisition offer for Unocal, putting an end to a 40-day merger bid, just eight days ahead of a final decision to be reached by Unocal's shareholders.
		"CNOOC's decision to withdraw the bid after fully evaluating the commercial risks adds proof that the bid was purely commercial," said Zhang Wenkui, deputy director of the Enterprises Economy Research Institute of the Development Research Center of the State Council, China's cabinet.
		CNOOC had been placed on Rating Negative Watch by Fitch on June 24 because the ratings company was concerned a bidding war with Chevron could occur, and CNOOC might take on more debt to finance the transaction.
	www.atimes.com /atimes/China/GH05Ad01.html (1335 words)

	Cnooc News
		CNOOC Ltd., China's largest offshore oil producer by output, said Friday it has found a new natural gas field in northeastern Bohai Bay.
		CNOOC Limited announced today that its wildcat Jinzhou 31-6-1 drilled in Bohai Bay has successfully completed, indicating the Company has made a breakthrough in the exploration in lithologic traps as planned...
		CNOOC Ltd., China's largest offshore oil producer by production, said Tuesday meeting its full-year output target could be a challenge because bad weather has affected some of its offshore fields in southern...
	www.topix.net /com/ceo (753 words)

	FOXNews.com - CNOOC Drops $18.5B Unocal Bid - Business And Money \| Business News \| Financial News
		CNOOC made its all-cash bid on June 22, topping the early-April cash-and-stock offer from Chevron, but it faced an uphill road in the United States from the start.
		CNOOC Chairman Fu Chengyu, the driving force behind the bid, in the end listened to his political advisers, who had warned of the high political hurdles the transaction faced.
		CNOOC shares rose to a new record high in Hong Kong trading on Tuesday before the company made the expected decision to withdraw its bid, gaining 2.8 percent to HK$5.50.
	www.foxnews.com /story/0,2933,164459,00.html (493 words)

	CBS News \| CNOOC Withdraws $18.5B Bid for Unocal \| August 2, 2005 15:29:56
		CNOOC's retreat clears the way for Chevron Corp., the second largest U.S. oil company, to complete its acquisition of Unocal next week, even though its cash-and-stock offer is currently worth nearly $1 billion less.
		Those misgivings virtually ensured CNOOC's bid would have to undergo a rigorous _ and possibly tempestuous _ review that would have prevented Unocal from being sold for at least another six to nine months, with no guarantee that the deal would ever be completed.
		CNOOC had been authorized by its board to raise its bid to $69 per share, but the company's chairman, Fu Chengyu, declined to up the ante unless Unocal agreed to pay the $500 million fee that would have been owed to Chevron if its bid lost out.
	www.cbsnews.com /stories/2005/08/02/ap/business/mainD8BNP2V82.shtml (666 words)

	CNOOC plans Burma foray
		CNOOC is tying up with state-owned Myanmar Oil and Gas Enterprise, China Huanqui Contracting and Engineering Corp and Singaporean firm Golden Aaron in a production sharing contract to explore an onshore block in Kyaukpyu in Burma's western state of Rakhine.
		Some analysts say CNOOC's involvement with Burma is an opportunistic move to take advantage of the absence of significant foreign competition rather than any great hopes for finding substantial reserves of oil and natural gas.
		CNOOC is not the only mainland company forging ties with Burma.
	karen.org /news2/messages/235.html (632 words)

	CNOOC Limited Proposes Merger With Unocal Offering US$67 Per Unocal Share In Cash : ArriveNet Press Releases : Business (Site not responding. Last check: 2007-10-03)
		CNOOC Limited believes that the combined company would have a leading position in the Asian energy market and an expanded role in the development of China's liquefied natural gas (LNG) market.
		CNOOC Limited currently has 35% of its reserves in gas; it is estimated that the combined company will have a more balanced portfolio with reserves of 53% oil and 47%(2) natural gas.
		CNOOC Limited believes that China's LNG market potential will allow it to accelerate the exploration and development of gas resources and position it as a long-term supplier to the Bontang LNG plant.
	press.arrivenet.com /business/article.php?id=657896 (1648 words)

	CNOOC Withdraws $18.5B Offer for Unocal (Site not responding. Last check: 2007-10-03)
		CNOOC's retreat clears the way for Chevron Corp., the second largest U.S. oil company, to complete its acquisition of Unocal next week, even though its cash-and-stock offer is currently worth $700 million less.
		CNOOC's move triggered a political furor that reflected the United States' concerns about the China's increasing financial muscle and its bustling economy's growing thirst for oil.
		CNOOC' board had authorized a bid increase to $69 per share, but the company's chairman, Fu Chengyu, declined unless Unocal agreed to pay the $500 million fee that would have been owed to Chevron if its bid lost out.
	www.newsmax.com /archives/articles/2005/8/2/162228.shtml (1183 words)

	Uncharted Waters - TIME Asia Magazine, Jul. 18, 2005 (Site not responding. Last check: 2007-10-03)
		CNOOC is a flagship Chinese firm determined to emerge as a major player in the global oil business, rewarding its shareholders in the process.
		CNOOC is not the typical, lumbering, command-economy-era dinosaur that still plagues corporate China.
		For CNOOC, the potential magnitude of the deal (the companies are of similar size) was breathtaking, and the risks involved—from the debt CNOOC would have to take on to finance an acquisition, to a possible downturn in oil prices—were substantial.
	www.time.com /time/asia/magazine/article/0,13673,501050718-1081438,00.html (957 words)

	CNOOC IPO raises $1.3B; Nextel unit refines terms - Feb. 22, 2001 (Site not responding. Last check: 2007-10-03)
		CNOOC had more than $1.8 billion in revenue in 1999 on net income of nearly $500 million.
		CNOOC pulled its first attempt to go public in 1999, when it attempted to raise $2.5 billion.
		CNOOC plans to trade under the New York Stock Exchange symbol "CEO" beginning Feb. 27, underwriters on the deal said.
	money.cnn.com /2001/02/22/deals/cnooc (437 words)

	CNOOC Wages PR, Lobbying Battle for Unocal (Site not responding. Last check: 2007-10-03)
		CNOOC's CEO Fu Chengyu wrote in a letter to Congress Monday that the company is eager to have the U.S. government scrutinize the national security implications of the deal - seeking to address concerns already circulating among lawmakers.
		CNOOC also notes that four of its eight board members are independent, non executive members in keeping with Securities and Exchange Commission guidelines for corporate governance.
		CNOOC's lobbying and public relations effort also is focused on correcting what it sees as an outdated image of Unocal as an American oil and gas company.
	www.newsmax.com /archives/articles/2005/6/27/210432.shtml (793 words)

	US blocks Chinese oil bid \| \| Guardian Unlimited Business
		The measure has been included in the final version of a long-delayed energy bill that is expected to pass this week.
		The outcome of the study would be a four-month delay before the government's committee on foreign investments in the US could begin a review of CNOOC's bid for Unocal.
		CNOOC's parent company is 71% owned by the Chinese government.
	www.guardian.co.uk /business/story/0,3604,1536736,00.html (239 words)

	FT.com / Home UK / UK - CNOOC is confident over US bid review (Site not responding. Last check: 2007-10-03)
		CNOOC's request for an immediate examination by Washington of its $18.5bn offer for Unocal, the US energy company, is intended to demonstrate its confidence that the bid can be justified as a simple commercial transaction, the Chinese oil group has said.
		CNOOC on Friday asked the Committee on Foreign Investments in the US, a government committee that vets sensitive overseas acquisitions of US companies, to review its plan.
		CNOOC, China's third-largest oil enterprise, has been at pains to present its bid as a commercial transaction, free of interference from its owner - the Chinese government - and from Beijing's policy of ensuring national energy security.
	www.ft.com /cms/s/5a6f204a-ec27-11d9-9796-00000e2511c8.html (585 words)

	What's lost in the fuss about Cnooc's Unocal bid (Site not responding. Last check: 2007-10-03)
		The outcry over the Cnooc bid reflects the struggle the U.S. is having with the emergence of China as a major financial player on the global scene.
		It also shows how difficult it will be for the U.S. to come to grips with the economic choices it has made over the past several years, choices that have led to ballooning deficits and a lack of personal savings.
		The Cnooc bid "strikes people that we really are mortgaging our future, when in reality we are anyway" already, says Lehman Brothers economist Ethan Harris.
	www.post-gazette.com /pg/05187/533664.stm (865 words)

	CNOOC to develop Iranian gas field
		Lee Meileng, chief analyst of Platts' Beijing office, said the reported deal will be a shot in the arm for both CNOOC and China as a whole from business and energy supply perspectives.
		The Platts analyst explained that CNOOC's share of gas from the reported joint programme in Iran could either meet robust demand from liquefied natural gas (LNG) terminals built by CNOOC in the coastal areas of China, or be sold on the global market.
		CNOOC, as China's largest offshore oil supplier, plans to build as many as seven LNG-importing terminals in six provinces and municipalities.
	www.chinadaily.com.cn /bizchina/2006-12/22/content_765293_2.htm (368 words)

	China's CNOOC drops bid for Unocal - Oil & Energy - MSNBC.com
		Those misgivings virtually ensured CNOOC’s bid would have to undergo a rigorous — and possibly tempestuous — review that would have prevented Unocal from being sold for at least another six to nine months, with no guarantee that the deal would ever be completed.
		CNOOC’s withdrawal from the bidding is anticipated to turn the vote into a formality.
		With CNOOC’s bid gone, Unocal’s shares are likely to fluctuate with the value of Chevron’s bid, which was worth $64.41 per share, or $17.7 billion, after Tuesday’s developments.
	www.msnbc.msn.com /id/8795682 (854 words)

	Citing 'Political Environment,' Cnooc Backs Off Its Bid To Acquire Unocal - August 3, 2005 - The New York Sun
		Cnooc abandoned its $18.5 billion bid for Unocal, the largest overseas acquisition attempted by a Chinese company, because of opposition from American lawmakers.
		Efforts in Congress to delay or block any Chinese takeover were "regrettable and unjustified," Cnooc said in a statement.
		Cnooc, which is 71% owned by its state-controlled parent, decided against making a higher offer because of the "political environment," according to the statement.
	www.nysun.com /article/17983 (320 words)

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