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Raymond speaks out over CNOOC bid



By Upstream staff 

ExxonMobil chief Lee Raymond said it would be a "big mistake" for the US Congress to interfere with any potential bid by Chinese giant China National Offshore Oil Corporation (CNOOC) for Unocal.

"The US is dependent, and will be for a long, long time, on significant imports of oil. To the extent that they preclude the Chinese from buying assets here, it could easily come back and reflect that we won't be able to buy assets in a foreign country," Raymond said, speaking at the Reuters Energy Summit.

CNOOC has said it is considering a counter-offer to outdo Chevron's $16 billion bid for Unocal.

The Chinese oil company is interested in acquiring Unocal because its oil and natural gas assets in Asia fit CNOOC's aspirations to become a major regional liquefied natural gas player.


Tuesday, 21 June, 2005, 20:42 GMT  | last updated: Wednesday, 22 June, 2005, 16:01 GMT

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