Special Report: The education of China?s oil company

The following excerpt is from Reuters! Click HERE and read the entire article!

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(Reuters) ? Yang Hua was a rising star at Chinese oil giant?CNOOC Ltd?back in 2005. Then, the 44-year-old chief financial officer participated in one of corporate China?s biggest belly flops ever.

Yang helped CNOOC, the publicly listed arm of state-owned?China?National Offshore Oil Corp, craft an $18.5 billion bid for Unocal Corp of Los Angeles. It turned into a debacle. Political opposition exploded in Washington, where the company had done little preparation. At home in Beijing, some board members revolted after being blindsided by the bid, and some of China?s leaders were said to be queasy. CNOOC stood down and Unocal was sold to a rival,?Chevron Corp.

Seven years later, Yang appeared to triumph. On February 26, CNOOC closed China?s largest foreign acquisition in modern Chinese history: the $15.1 billion all-cash takeover of Calgary-based Nexen Inc. The deal caused far less rancor than the aborted Unocal effort, and it was a landmark, touted in?China?as foreshadowing a bigger global role for the state-owned giants that dominate the world?s second-largest?economy.

Source: http://soshitech.com/2013/10/07/special-report-the-education-of-chinas-oil-company/

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