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China's biggest offshore oil company, CNOOC, to bid for

Unocal

Online Stock Market Trading By Freddie Mooche

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Stock Investing Course CNOOC Ltd., China's biggest offshore oil and gas company, said it plans to make a bid to acquire Unocal, but analysts argue that the price is too high.If you would like to receive late breaking news on stocks covered by AXcess News then you need to subscribe. By joining, you can stay ahead of the pack and receive the latest news in your email in-box first.Print This Page

Nationwide has become the latest big high street name to lower its credit card charges, following an investigation by the Office of Fair Trading (OFT).

Stock Market Game Jan 7, 2005 (AXcess News) El Segundo CA - China National Offshore Oil Corp (CNOOC), China's biggest offshore oil and gas company and third largest domestic operator, said it plans to make a bid to acquire Unocal Corp. (NYSE: UCL), but analysts argue that the price is too high.

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Stock Investing Game According to a story in the Financial Times CNOOC is planning to offer $13 billion dollars for Unocal, that analysts say is too high, though China's need to increase its energy sources may outweigh that cost.Bloomberg reports that China wants gas supplies increased to 8% of its energy supply by 2010, which currently stands at 3%. Oil and coal comprise 90% of that country's fuel needs.

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Journal Prime Rate Street Wall Unocal shares bolted to a six-year high Thursday in New York Stock Exchange trading following the Times' story and continued to climb in Friday morning trading.

The Office of Fair Trading (OFT) is targeting credit card companies in its bid to clamp down on excessive default charges.

Stock Market News In terms of reserves, Unocal is the ninth largest U.S. oil company.

Stock Investing Basics Chinese bankers are supposedly studying the purchase and breakup of Unocal.

Stock Investing Software If CNOOC did proceed with an offer to buy Unocal, its assets would most likely be broken up and sold.Lawrence Lau, an oil and gas analyst with BOC International, said in a research report today that selling Unocal's non-Asian assets after acquiring the whole company may boost CNOOC's proved oil reserves by 28% and its natural gas reserves by 111%.Advertisement

Stock Market Trading Unocal owns 100 gas platforms in the Gulf of Thailand and the Attaka field off the shore of Indonesian Borneo, which supplies the world's biggest liquefied natural gas plant on the island.

Stock Investing For Dummy Thirty percent of Thailand's electricity comes from Unocal's natural gas supply.

Stock Market Crash AXcess News will be reporting on any new market trends related to this story. Members should watch their in-box for late breaking news. If you're not a member, consider joining now. Members get the latest business news, commentaries and stock picks delivered right to their in-box.

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