CNOOC: NG schedule takes time.(China National Offshore Oil Corp.)(natural gas)

China Chemical Reporter, July, 2005

On June 30, the House of Representatives of the United States voted down CNOOC's proposal to purchase Unocal and this will stop the US government to approve CNOOC's purchasing plan. U.S. political opposition to the Chinese offer is growing as some believe that a sale of Unocal, which has assets stretching from Myanmar to the Gulf of Mexico, to a China's state-owned company would harm U.S. national energy security.

According to a source close to Unocal, some shareholders and board of directors prefer CNOOC's purchasing plan, but they are under the pressure of US government. The only thing can be sure now is that Unocal's board of directors have analyzed the evaluation of CNOOC's purchase plan and even might have made the final decision.

Unocal's board...

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