Unocal Corp would have agreed to be acquired by Chinese oil firm CNOOC Ltd, despite fierce US political opposition - if the Chinese side had raised its bid in August, Unocal's former CEO has said.
China's multinationals, powerful as they seem, are still beholden to the Communist Party. That's both a blessing and a burden.
Burren Energy of UK has acquired US energy major Unocal Corp's entire 26.01 per cent stake in Hindustan Oil Exploration Co Ltd for $26.01 million and has made an open offer to acquire further 20 per cent stake.