Word: cnooc
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...Once CNOOC had bid $18.5 billion for Unocal, topping Chevron's offer, the action quickly shifted to Washington. There, egged on by Chevron's lobbyists, Congress raised a series of objections to the deal, particularly noting supposed security risks for the U.S. in a CNOOC-Unocal marriage. Most energy experts believe that the risks either didn't exist, or could easily have been dealt with. "There are no security issues?none," oil consultant Philip Verleger said earlier this summer. It was the congressional opposition that CNOOC's advisors?all American, all very experienced, and all very well paid?didn...
...August 4, the entire board of China National Offshore Oil Corp. (CNOOC), the Chinese oil company that had tried to make history by buying Unocal, the eighth-largest oil company in the U.S., gathered at its Beijing headquarters for a postmortem. Thirty-six hours earlier, the company's CEO, Fu Chengyu, had made it official: after fencing with Chevron, the U.S.-based "super major'' oil company, for the right to buy Unocal and its extensive oil and gas assets in Asia, CNOOC was giving up the fight. The Chinese firm had been spooked both by political opposition...
...CNOOC's run at Unocal, no one had exactly covered themselves in glory. Fu, the personable CEO who had gone to graduate school in Los Angeles near Unocal's headquarters, had taken a pratfall right out of the gate back in late March, failing to inform his board members about the bid until just two days before he was going to launch it. When virtually the entire eight-member board?and not, as earlier reports had it, just the outside directors?balked, Fu had to back off. That allowed Chevron to make the first bid, and forced CNOOC to play...
...This is a national security issue. China is pursuing a national strategy of domination of the energy markets." R. JAMES WOOLSEY, former CIA director, urging the U.S. government to consider preventing Chinese oil company CNOOC from acquiring U.S.-based Unocal...
...nuclear missiles if the U.S. came to the aid of Taiwan in a war with the mainland seemed particularly ill-timed. Beijing's relations with Washington have deteriorated in recent months over trade frictions, fears of a Chinese military buildup, and concerns that a bid by Chinese oil company CNOOC to buy U.S. energy firm Unocal threatens national security. So it came as a shock when People's Liberation Army (P.L.A.) Major General Zhu Chenghu, 53, told a group of foreign reporters in Beijing that "if the Americans draw their missiles and position-guided ammunition onto the target zone...