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Tuesday, 02 December, 2008, 21:20 GMT | more >>

CNOOC still undecided on Unocal



By Upstream staff 

A China National Offshore Oil Corporation (CNOOC) top executive has said that the company's board has not decided on whether to make a counter-offer to Chevron's $16 billion bid for US independent Unocal.

The executive emphasised that CNOOC looked after the interests of all its shareholders and not just the interests of its majority shareholder, the Chinese government, reported Reuters.

The Chinese government holds about 71% of the company.

The executive said CNOOC's strategy of maintaining high growth and a healthy financial condition remained unchanged.

"It is our responsibility to boost our shareholders' value. We hold a responsibility to all shareholders," he added.


Wednesday, 22 June, 2005, 06:15 GMT  | last updated: Wednesday, 22 June, 2005, 06:15 GMT

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