China's multinationals, powerful as they seem, are still beholden to the Communist Party. That's both a blessing and a burden.
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.
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.