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Politics : Politics for Pros- moderated

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From: Snowshoe	1/6/2005 2:48:30 PM
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China firm may pursue Unocal: report [I imagine this will raise some eyebrows! There was quite an uproar recently in Canada about Chinese firms trying to buy Canadian mining assets. -Snow] By CBS MarketWatch Last Update: 11:45 AM ET Jan. 6, 2005 DALLAS (CBS.MW) - Chinese oil and gas producer CNOOC, in a bid to increase production and its natural gas business, is pursuing the acquisition of Asian assets from a foreign oil company and may have an eye on Unocal Corp., according to a news report. Citing sources, Reuters reported that CNOOC is ready to spend some of its $3 billion on acquisitions. The company recently generated $1 billion in proceeds from a bond issue. CNOOC trails rivals PetroChina and Sinopec Corp. in China. The country has seen enormous growth in demand for oil as its economy has expanded. Unocal (UCL: news, chart, profile), El Segundo, Calif., primarily produces oil and gas in North America and Asia. A spokesman for the company said it doesn't comment on market speculation. Shares of Unocal were last at $41.84, up 65 cents. marketwatch.com

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