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China Oil Giants Crave Respectability and Power

Contributed by mm | July 10, 2005 4:48 PM PST





China is proving its power no matter whether it can snatch Unocal or not.

From New York Times:

Indeed, for all their efforts over the last dozen years, Chinese companies have remarkably little to show for it - just a string of largely second-rate, remote, dubious or uncertain energy investments for which they have mostly overpaid.

Cnooc's leaders are determined not to be upstaged again. And with their $18.5 billion bid for the American oil company Unocal last month, Cnooc is wagering significantly more in one stroke than Chinese energy concerns have spent so far globally.

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