China National Offshore Oil Corporation (CNOOC,
"The company ... is continuing to examine its options with respect to Unocal," CNOOC, China's third-largest oil company, said in a statement to the Hong Kong Stock Exchange.
"These options include a possible offer by the company for Unocal but no decision has been made in this respect.
"No assurances can be made that the company will ultimately make an offer for Unocal or, if any such offer is made, whether any agreement will be reached between the company and Unocal."
CNOOC said the statement was in response to media speculation about a possible offer by the company for the US oil giant.
It said a further announcement would be made "if and when appropriate."
The issue raises the prospect of a first ever take-over battle between a Chinese and an American company following ChevronTexaco's US$16-billion bid for Unocal.
If CNOOC were to go ahead with an attempt to take over Unocal, it would fit into a larger Chinese strategy of securing access to energy sources overseas.
Unocal has gas and oil reserves in Thailand, Indonesia and Central Asia.
Last month the Financial Times reported that the non-executive directors at CNOOC had hired independent advisers to review the management's plans for a possible bid for Unocal.
It said Unocal has a market capitalization similar to CNOOC's and a huge deal such as this would mean a large increase in the Chinese company's debt.
Unocal has more than 6,000 employees, with most of its activities in Asia and North America. It has no refining or marketing operations.
Taiwan’s Lee Chia-hao (李佳豪) on Sunday won a silver medal at the All England Open Badminton Championships in Birmingham, England, a career best. Lee, 25, took silver in the final of the men’s singles against world No. 1 Shi Yuqi (石宇奇) of China, who won 21-17, 21-19 in a tough match that lasted 51 minutes. After the match, the Taiwanese player, who ranks No. 22 in the world, said it felt unreal to be challenging an opponent of Shi’s caliber. “I had to be in peak form, and constantly switch my rhythm and tactics in order to score points effectively,” he said. Lee got
‘CROWN JEWEL’: Washington ‘can delay and deter’ Chinese President Xi Jinping’s plans for Taiwan, but it is ‘a very delicate situation there,’ the secretary of state said US President Donald Trump is opposed to any change to Taiwan’s “status quo” by force or extortion and would maintain that policy, US Secretary of State Marco Rubio told the Hugh Hewitt Show host on Wednesday. The US’ policy is to maintain Taiwan’s “status quo” and to oppose any changes in the situation by force or extortion, Rubio said. Hewitt asked Rubio about the significance of Trump earlier this month speaking with Taiwan Semiconductor Manufacturing Co (台積電) chairman C.C. Wei (魏哲家) at the White House, a meeting that Hewitt described as a “big deal.” Asked whether the meeting was an indication of the
‘RELATIVELY STRONG LANGUAGE’: An expert said the state department has not softened its language on China and was ‘probably a little more Taiwan supportive’ China’s latest drills near Taiwan on Monday were “brazen and irresponsible threats,” a US Department of State spokesperson said on Tuesday, while reiterating Washington’s decades-long support of Taipei. “China cannot credibly claim to be a ‘force for stability in a turbulent world’ while issuing brazen and irresponsible threats toward Taiwan,” the unnamed spokesperson said in an e-mailed response to media queries. Washington’s enduring commitment to Taiwan will continue as it has for 45 years and the US “will continue to support Taiwan in the face of China’s military, economic, informational and diplomatic pressure campaign,” the e-mail said. “Alongside our international partners, we firmly
KAOHSIUNG CEREMONY: The contract chipmaker is planning to build 5 fabs in the southern city to gradually expand its 2-nanometer chip capacity Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), the world’s biggest contract chipmaker, yesterday confirmed that it plans to hold a ceremony on March 31 to unveil a capacity expansion plan for its most advanced 2-nanometer chips in Kaohsiung, demonstrating its commitment to further investment at home. The ceremony is to be hosted by TSMC cochief operating officer Y.P. Chyn (秦永沛). It did not disclose whether Premier Cho Jung-tai (卓榮泰) and high-ranking government officials would attend the ceremony. More details are to be released next week, it said. The chipmaker’s latest move came after its announcement earlier this month of an additional US$100 billion
RSS