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September 16, 2005    

CNOOC CFO speaks out on US political pressure

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by Brian Turner
CNOOC CFO speaks out on US political pressure

The chief financial officer of CNOOC, the Chinese oil company that made an unsuccessful bid to acquire US oil company Unocal earlier in the year, has spoken out about the political pressure brought to bear in the US to block the bid.

Yang Hua’s comments, to journalists in Hong Kong on Thursday, not only revealed resentment about that political pressure but hinted that CNOOC would be looking in different parts of the world for future acquisition targets.

He called the political pressure against CNOOC’s bid for Unocal an infringement of human rights, asserting that such rights include having guaranteed access to energy, saying that it was important for nations such as his own and India to have long-term energy security.

Mr. Yang would not comment on where his company might look for acquisitions in the future, but mentioned that there are many places in the world where China and Chinese companies are welcomed, naming Africa as an example.

He also mentioned oil and natural gas reserves in Western Australia without saying that his company was interested in acquiring those reserves.

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