(China Daily, Jul 20) CNOOC Ltd, China's biggest offshore oil producer, will seek investments in Africa after US lawmakers last year blocked the company's US$18.5 billion bid for Unocal Corp, Chairman Fu Chengyu said.
"If you can't do it somewhere, then you can always do it somewhere else," Fu said in an interview in Beijing yesterday. "We're looking at opportunities in Africa as a whole."
Overseas acquisitions would help Fu increase oil supplies to a Chinese economy that grew 11.3 per cent in the second quarter of this year, its fastest pace in more than a decade.
Nigeria, where CNOOC invested US$2.7 billion in April, offers a "great deal of opportunities," he said.
"Fu has been humbled by the Unocal experience," said Liu Yang, who helps manage US$3 billion of Asian assets at Atlantis Investment Management Ltd, including CNOOC shares, in Hong Kong.
http://www.zoomchina.com.cn/index.php?/content/view/9707/1/
2006-07-19
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