Sunday, June 19, 2005

Chevron may buy Unocal or will it be CNOOC?

In March, Chevron announced their intent to purchase Unocal, with the intention of selling off 2 billion of assets, I assume would include the Yadana pipeline in Burma because of the liability of over 1 billion dollars from the lawsuit which settled last December.

Chinese oil company CNOOC Ltd. (CEO ) may be coming back for more. After months of on-again, off-again talk about buying Unocal Corp. (UCL ), CNOOC on June 7 said that it is still interested in a deal, potentially derailing Chevron Corp.'s (CVX ) $16.4 billion bid for the U.S. oil producer. If successful, such a deal would be the biggest overseas acquisition ever by a Chinese company -- and would further establish CNOOC as the most ambitious Chinese player in the oil patch. CNOOC is "ahead of the curve in China," says Scott Roberts, director of Cambridge Energy Research Associates in Beijing. "And they are willing to think big."
Please click the link for the full story

I've found theLos Angeles Times to be abot the best source for those of you interested in following this story.

I would like as many people as possible to witness the process of one country taking over another through corporate acquisitions. We are giving China over a Billion dollars a day in we are helping finance this. Strategically, I believe China's control over Burma could affect the security of shipping routes south of Burma. Maybe our tax dollars and lives of our young will pay for a preventable mess.


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