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NEWS: Chinese Company Mulls Unocal Bid

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posted on Jan, 7 2005 @ 10:47 AM
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US oil company Unocal is being eyed by China's 3rd largest oil company as a possible purchase. Unocal is the US' 9th largest oil company and is based in El Segundo, California. Although negotiations are still at a very early stage, it once again bolsters the belief that China is racing forward in overseas investments. Just last month China's largest computer manufacturer, Lenovo Group, purchased IBM's PC business, as well as their debt for just under 2 billion dollars.
 



seattlepi.nwsource.com

NEW YORK -- China's third biggest oil and natural gas company is considering making a bid for all or part of U.S. rival Unocal Corp., published reports said Friday. If true, it would be the latest indication of China's rising appetite for overseas investment.

The Financial Times said that China National Offshore Oil Corp. was considering a bid or more than $13 billion for all of Unocal, which is based in El Segundo, Calif., and is the ninth biggest U.S. oil company in terms of reserves.




Please visit the link provided for the complete story.


Personally I would think that this cannot be allowed to happen. China, the waking giant, is becoming more of a threat every day. Unocal, which holds enormous amounts of the oil reserves for the US, is a necessary institution for the US.
What would happen should the Chinese actually purchase this company?



[edit on 7-1-2005 by Banshee]




posted on Jan, 7 2005 @ 11:25 AM
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Let me tell you a story of why I am where I am at this time.

A listed company called China Aviation Oil (who is also owned by the Chinese state) agreed with a Singapore government related oil company to puchase all the business of the Singapore oil company.

China Aviation Oil is the official buyer and supplier of aviation fuel in China. The size of the deal was a staggering 2Billion (staggering for a speck like Singapore). The prospectus was then published, the Chinese Government gave an irrevocable undertaking to approve this deal at the shareholder level.

The markets and the public was in a tizzy and kept taking in stock.

Unknown to the rest of the world (but obviously only to the Chinese party), China Aviation Oil had racked up losses of 900M in a spate of 6 months on trading (not physically buying or supplying oil). As a result, the company is in a negative net worth of about 600M.

When the time came to put pen to paper and complete the deal, the Chinese government voted to cancel the deal, much to everyone's surprise.

NO ONE ELSE ON THE OUTSIDE, LET ALONE THE PUTATIVE PARTNERS, KNEW WHY.

Obviously, legal suit followed and the "cat got out of the bag".

Moral of the story, be very wary of partners who seem to have the cash but do not have the ability or inclination towards good corporate governance, especially, if it involves a take over or purchase of a commodity which can make or break a country.



posted on Jan, 7 2005 @ 08:45 PM
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Moral of the story, be very wary of partners who seem to have the cash but do not have the ability or inclination towards good corporate governance, especially, if it involves a take over or purchase of a commodity which can make or break a country.



Good, if not common sense advice. This does scare me though. What on earth would make an American Citizen even consider selling this extremely valuable commodity to a competitor? Especially in this time of pending world warfare. What is the point that I am missing?



posted on Jan, 7 2005 @ 08:52 PM
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Originally posted by superdude
Especially in this time of pending world warfare. What is the point that I am missing?


Huh? Pending world warfare? Against North Korea? Iran? Syria?

What are you talking about?

Surf



posted on Jan, 7 2005 @ 08:57 PM
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China is also trying to take the Canadian supply of oil, on which we rely on heavily.
Quote from site-
"China's government has launched a new bid to buy Canadian oil and gas giant Husky Energy Inc. from Hong Kong Hong Kong tycoon Li Ka Shing, a report said."
A cause for concern, imo.
Source

[edit on 7-1-2005 by Journey]



posted on Jan, 7 2005 @ 09:04 PM
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Huh? Pending world warfare? Against North Korea? Iran? Syria?

What are you talking about?



Hey surf.
Not simply the US against the world. Look at the way the cards are starting to fall.
1) Israel/Palestine
2) Israel/Iran
3) China/Taiwan
4) US/Iraq
5) US/Iran
6) North Korea/South Korea
7) Pakistan/India

I could go on forever, and I didn't even bring into question the Chinese vs. the US, or even terrorists. The entire globe is set like a spring which has been wound too tightly. Yes my friend world war is just one simple miscommunication away. One solitary "terrorist cell" blows a nuke - the world will be different than anyone can even imagine.



posted on Jan, 7 2005 @ 09:45 PM
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Originally posted by superdude
Hey surf.
Not simply the US against the world. Look at the way the cards are starting to fall.
1) Israel/Palestine
2) Israel/Iran
3) China/Taiwan
4) US/Iraq
5) US/Iran
6) North Korea/South Korea
7) Pakistan/India

I could go on forever, and I didn't even bring into question the Chinese vs. the US, or even terrorists. The entire globe is set like a spring which has been wound too tightly. Yes my friend world war is just one simple miscommunication away. One solitary "terrorist cell" blows a nuke - the world will be different than anyone can even imagine.


Let us see

How long have Israel and Palestine have been in dispute, ever since the establishment of Israel, since 1947?

How long have Israel and Iran been in dispute, same as above.

How long have India and Pakistan been in dispute, ever since both got independence from British. On a good note, both have been improving in terms of relations, especially after Musharraf came to power.

You get the idea The only big target now is terrorists and they aren't based in a single country, they are minorities all around the world.

So there isn't going to be another WW, because everyone knows if they attack, the entire world is going to retaliate, for example Saddam's invasion of Kuwait.

Surf

[edit on 1/7/2005 by surfup]



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