Chinese NOCs go shopping

The Chinese central government, obsessed with energy security, is pressuring state-owed oil companies to intensify merger and acquisition activity abroad to help meet the country’s growing oil and gas demand.The Asian giant’s appetite for energy raises eyebrows in the US, the world’s largest oil consumer.Observers question whether state oil companies can separate economics from politics in their investments (OGJ, Apr. 18, 2005, p. 18). The world watched China National Offshore Oil Corp. Ltd. (CNOOC) bid and then withdraw its offer for Unocal Corp., citing “unprecedented political opposition” (OGJ, Aug. 8, 2005, p. 29).CNOOC since has acquired oil and gas asse...

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