BEIJING, January 3 (InfoChina) - After CNOOCs withdrawal from Unocal bidding, China's biggest oil producer, CNPC successfully pocketed Petro-Kazakhstan Company (PK) for only 4.18 billion dollars. In 2005, whatever CNOOC's 18.5 billion-dollar big offer or CNPC's 4.18 billion-dollar successful takeover are no doubt two significant deals for China's petroleum industry.
BEIJING, January 3 (InfoChina) - After CNOOCs withdrawal from Unocal bidding, China's biggest oil producer, CNPC successfully pocketed Petro-Kazakhstan Company (PK) for only 4.18 billion dollars. In 2005, whatever CNOOC's 18.5 billion-dollar big offer or CNPC's 4.18 billion-dollar successful takeover are no doubt two significant deals for China's petroleum industry.
On June 23, 2005, China's top offshore oil and gas producer, CNOOC made an 18.5 billion-dollar counter-offer to Chevron-Texaco's 16 billion dollars bid for Unocal. But 40 days later, it had to withdraw its offer for unexpected obstacles.
Compared to CNOOC, CNPC enjoyed a much more familiar environment. Based on long-term good cooperation between China and Kazakhstan, CNPC's move was waltzed through Kazakhstan's permission.
Some people said that 2005 is CNOOC's show time, while CNPC's low-key helps the company become the final winner. However, the result is that the world now knows China's CNOOC while CNPC successfully bought PK.
Recently, CNOOC Ltd. planned to convey its onshore and overseas projects to its parent company CNOOC Group to reduce political risks.
In the past few years, China's energy diplomacy has an important role in China's oil companies' going-out policy. CNPC's success no doubt benefits from it. That is why CNOOC Ltd. chooses to transfer such a core section to CNOOC Group. Whatever Sino-Russia pipleline's breakthrough or OPEC's big investment appetite in China, more and more foreign oil players are hurry on the way to participate the feast of sharing China's large market. Under the government's support, China's oil companies appear to have more chances to go out for more oil and gas resources before expected wholesale deregulation in 2006. (by Mo Lin,
)
China Stock News 
