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Article: CNOOC shares gain after firm dumps Unocal bid.(China National Offshore Oil Corp.)
- Article from:
- The Oil Daily
- Article date:
- August 16, 2005
- Author:
CopyrightCOPYRIGHT 2005 Energy Intelligence Group. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Rising crude oil and products prices favored gainers last week, according to a weekly survey of stock prices by energy consultancy John S. Herold. The biggest company to post a share-price gain last week was CNOOC Ltd., the publicly traded subsidiary of China National Offshore Oil Corp., which saw the value of its shares rise 12.7%. CNOOC abandoned its bid for California-based Unocal two weeks ago (OD Aug.4,p1). Investors are apparently relived that the company will not have to take on the debt it would have required to complete the Unocal purchase.
However, according to a report in Monday's Wall Street Journal, while share prices for all Chinese oil companies are ...