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NEWS: China National Offshore Oil Corp Re-ups Bid For Unocal

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posted on Jun, 21 2005 @ 06:09 PM
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China National Offshore Oil Corporation may raise its for Unocal and out bid Chevron. Chevron recently offered $16.7 for the company. Unocal is the ninth largest oil company in the nation and Chevron's bid is currently four percent below its present market value.
 



news.yahoo.com
NEW YORK - Unocal Corp. shares rose more than 2 percent Tuesday on reports that CNOOC Ltd., China's largest offshore oil and gas producer, may trump an offer from Chevron Corp.

Unocal shares gained $1.38 to close at $64.85 on the New York Stock Exchange, above the previous 52-week high of $64.60. Chevron's shares slipped 56 cents to close at $58.78 on the NYSE.

The China National Offshore Oil Corp. this week is poised to outbid Chevron's April offer of $16.7 billion, according to the Financial Times.


Please visit the link provided for the complete story.


This deal has huge national security issues. China in its quest for oil may try to do more deals in order to secure more oil for its future growth. What will we do if the government of China diverts all of Unocal's oil? This is a test case to see if they can buy up a strategic asset and no doubt they will go after more. The government need to step in and just say no to this one!

[edit on 6/21/05 by FredT]




posted on Jun, 21 2005 @ 06:36 PM
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Anyone else here noticing a trend? I sure do.
First China bought PC division at IBM, then they are bidding on Maytag, now they could possibly bid on Unocal. Is this merely coincidence or is China getting ready to go on a buying frenzy?



The government need to step in and just say no to this one!

I agree. I wish Americans would stop and think about what is happening here. I feel so powerless. China is slowly chipping away at us until it will to late to recover. We will be at the mercy of China. I think the gov't should have stepped in a long time ago and stopped outsourcing. What can we do? Im totally serious? I want to try and help... WHEN IS ENOUGH, ENOUGH?! We must act now before its to late.




[edit on 21-6-2005 by Event Horizon]



posted on Jun, 21 2005 @ 07:42 PM
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China is now the world's foremost economic leader. Where we go to war to secure our oil interests; Iraq is, I believe second to Saudi Arabia; China buys Unocal.

The population issue is an urgent one. China has a bigger population, so their securing of national resources is elementary.

We need to start allocating our resources to the development of new energy outlets.....



posted on Jun, 21 2005 @ 08:17 PM
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China is now the world's foremost economic leader. Where we go to war to secure our oil interests; Iraq is, I believe second to Saudi Arabia; China buys Unocal


Foremost economic leader? What world are you living in? It sure as hell isn't mine. They can barely rival Japan.

Let China buy what they want. It's a sign of desperation, not power. They're so desperate for oil they've been overpaying everywhere. They're getting ripped off by nations like Brazil.



posted on Jun, 21 2005 @ 08:30 PM
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My bad.......I remembered the news story incorrectly.......

www.abovetopsecret.com...

The link asserts that by 2020, India and China will rival the U.S. in Economic power.........still, the population and China's self-preservation makes their oil scramble an obvious move........



posted on Jun, 21 2005 @ 11:03 PM
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Originally posted by MemoryShock
The link asserts that by 2020, India and China will rival the U.S. in Economic power


There is some dispute on that one. Much of China's ecomomic growth has been fueled by cheap labor from thier large youngish population. However, what happens when they get old? Where will the rock bottom labor souce come from? My guess is Africa.

Also thier economic growth has come at a brutal environmental cost that will impact thier food production and cause alot of damage.



posted on Jun, 22 2005 @ 12:48 PM
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rival us by 2020 huh? reminds me of that local agenda 21 thing


[edit on 22-6-2005 by boombye]



posted on Jun, 22 2005 @ 12:52 PM
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I wish Americans would stop and think about what is happening here. I feel so powerless.


Now you Americans know what we Canadians have been feeling like ever since NAFTA was signed, our politicians sold us out now yours are selling you out. Maybe the US public will finally wake up and figure out that globalisation can be a bad thing



posted on Jun, 22 2005 @ 01:14 PM
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The sad truth is that these are not even real companies. These are company'like government controlled entities. I see with these types of companies all the time at work. They have long names and limited scopes and lifetimes. They will create a corporation from scratch in order to build an oil refinery, or steel plant, or power plant, or some other infrastructure. Buy all materials out of country through them, then dissolve the company at the job's completetion.

The truth is, the Chinese Goverment wants Unocal, not some Chinese company.



posted on Jun, 22 2005 @ 02:15 PM
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Sadly, we already knew we were being sold out by a few corporations and backroom deals with Mexico. The whole liberal "Join the world", anti-US sovereignity crew was busy drowning the objections out. NAFTA didn't benefit the *people* of the US either.

Just be glad you don't see your streets turning into those of a nation that doesn't speak your language (or any part of it). When you see city work signs in a foreign language, you know things are getting out of hand.

When the revolution comes, the governments of both Canada and America have much to answer for.


Originally posted by sardion2000



I wish Americans would stop and think about what is happening here. I feel so powerless.


Now you Americans know what we Canadians have been feeling like ever since NAFTA was signed, our politicians sold us out now yours are selling you out. Maybe the US public will finally wake up and figure out that globalisation can be a bad thing



posted on Jun, 22 2005 @ 02:24 PM
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This reminds me of Yukos in Russia.

Most American press was very critical of the measures taken by the State to secure their energy sector against the creep of foreign takeover.

It will be interesting to see how the press handles this situation, which is almost identical.

Will it make a difference that the buyers are Chinese instead of Israeli? Will it make a difference that the State is America, and not Russia? It will be very interesting to see.

I think the only responsible state is a state that is self-sufficient, otherwise agressive wars for resources are par for the course when it comes to advancement.



posted on Jun, 23 2005 @ 01:04 AM
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According to reports, the bid by CNOOC has been upped to 19.8 billion





NEW YORK (AFP) - China National Offshore Oil Corp. (CNOOC) has agreed to launch the biggest ever takeover offer by a Chinese group with a 19 billion dollar bid for US oil major Unocal, according to a report.

The decision to trump a rival bid for Unocal by ChevronTexaco was reached by CNOOC directors in a tense six-hour board meeting held in Beijing on Wednesday, The Financial Times said in its online edition.

It quoted people close to the situation as saying CNOOC had decided to bid about 67 dollars a share for Unocal and would offer to take on 1.6 billion dollars of the US energy group's debt.

Unocal Bid



posted on Jun, 24 2005 @ 03:18 AM
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WASHINGTON - The acquisition of Unocal Corp. by China's state-owned oil company CNOOC Ltd. would not pose a threat to the United States' energy security, industry analysts said Thursday, arguing that fears being stirred up in Congress are unwarranted.

These oil experts said the knee-jerk response from some in Congress could backfire by making it harder for U.S. oil giants to gain the international access they need in order to grow. Moreover, they said a deal between CNOOC and Unocal could benefit U.S. companies, consumers and workers in the long run.
Unocal



posted on Jun, 24 2005 @ 07:20 AM
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BEIJING - Trying to allay U.S. national security worries about its bid for Unocal Corp., Chinese state-owned oil company CNOOC Ltd. said Friday it was willing to discuss selling some Unocal assets and putting others under American management.

The announcement came after four members of Congress called on the U.S. government on Thursday to review the security implications of allowing a Chinese state-controlled firm to take control of the ninth-largest American oil producer.
CNOOC Tries to Ease U.S. Worries on Unocal



posted on Jun, 24 2005 @ 09:49 AM
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Good, this does need to be looked at to see if there are any implications


WASHINGTON (AFP) - US Commerce Secretary Carlos Gutierrez said a takeover bid by a state-run Chinese energy firm for US oil major Unocal is likely to be reviewed on national security grounds.

Gutierrez said the bid by China National Offshore Oil Corp. (CNOOC) would be subject to the normal vetting process used for a foreign takeover of a US company.

"Well, it's a process that reviews all foreign investments and whether it be national security or other considerations, but there is a process in place that would be applied to this transaction," he told the CNBC television network.
national security review



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