Chinese Looking at Unocal Acquisition

CNOOC looking at several firms, including part stake in or possible acquisition of US oil and gas producer Unocal Corp.

Published: 08-Jan-2005

SINGAPORE: Top Chinese offshore oil and gas producer CNOOC Ltd is holding talks to buy the Asian assets of a foreign oil company, sources close to the parties said on Thursday. 

The sources declined to name the company, but industry watchers have said Chinese oil firms are eyeing several foreign oil firms or their assets, including US oil and gas producer Unocal Corp. 

Separately, the Financial Times reported that CNOOC is considering a bid of more than US$13bil for Unocal but that the deal was at a very early stage and detailed talks had yet to take place. 

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