Manufacturing Industry
CNOOC intends to purchase Unocal.(China National Offshore Oil Corp.)(Brief Article)
China Chemical Reporter, July, 2005
According to a source close to CNOOC (China National Offshore Oil Corp.) Ltd., the company is trying to purchase Unocal at a pace of US$67 per share and the total transaction value will be as high as US$18. 5 billion.
In terms of reserves, Unocal is the ninth largest oil company in the United States. Half of its oil/gas reserves are located in Southeast Asia. The company also holds 10% equity in a large oilfield in Azerbaijan. Its oil/gas reserves in the United States and Canada are equivalent to 557 million barrels of oil. Chevron, the second biggest oil company in the United States, announced on April 4 this year that it intended to purchase Unocal with US$16.7 billion in cash and stock. (CCR2005 No.12) The purchase scheme drafted by CNOOC has to be approved...
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