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CNOOC stands firm on Unocal vow



By Upstream staff 

China's National Offshore Oil Corporation (CNOOC) has reiterated its commitment to retain " substantially" all of Unocal's staff and US oil and gas production in a letter to members of the US Congress.

Executives from CNOOC are headed to the US this week to discuss their $18.5 billion bid with Unocal that trumped Chevron's $16.4 billion cash and stock bid, a source familiar with matter told Reuters.

Chevron is pushing for an August vote on its offer, which has already been accepted by Unocal.

"We had planned for and want to participate in a (government) review of the transaction as soon as possible," said CNOOC chairman and chief executive officer Fu Chengyu.

"We know this bid is historic for both companies and will be closely scrutinised by everyone involved," he said. "I want you to know that we encourage that review and welcome the opportunity to participate."


Monday, 27 June, 2005, 15:41 GMT  | last updated: Tuesday, 28 June, 2005, 08:00 GMT

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