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Unocal Accepts New Chevron Bid
globeandmail.com ^ | 7/20/05 | AP

Posted on 07/20/2005 10:02:19 AM PDT by eastforker

Unocal's board of directors has endorsed a sweetened, $17-billion (U.S.) takeover bid from Chevron, rejecting a higher offer from one of China's state-owned oil companies.


TOPICS: Breaking News; Business/Economy; Foreign Affairs; News/Current Events
KEYWORDS: chevron; china; greatnews; unocal
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To: steveegg
Overall, Unocal is a major factor in Thailand's domestic energy consumption. In May 2004, it produced on a daily average 1.166 bcf (33.017 mcm) of gas, 41,236 bbls of condensate, and 18,987 bbls of oil. This means that Unocal supplies Thailand with gas that meets 30% of its electricity demand. It also provides a hefty portion of its transportation and industrial fuel, feedstocks for petrochemicals, and household cooking gas. Furthermore, Unocal produces 25% of Thailand's domestically used oil.

Unocal's stake in Southeast Asia

CIA World Factbook said Thailand used about 785,000 barrels a day in 2001. 25% of that is about 196,000 barrels. Suddenly they only have about 234,000 barrels that we might "lose".

Unocal said it currently expects worldwide average production for 2005 to exceed 430,000 BOE per day, up from a previous estimate of 425,000 BOE per day.

Unocal Net Income Soars 69 Percent on Oil Prices

I think Unocal is more accurately called a minor source of US oil.

81 posted on 07/20/2005 3:37:05 PM PDT by Toddsterpatriot (If you agree with Marx, the AFL-CIO and E.P.I. please stop calling yourself a conservative!!)
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To: montag813
THEN if Unocal balks, China can dump U.S. Treasuries, sending mortgage rates skyrocketing and wrecking the housng market, consumer spending and the economy along with it.

Wow!! Sounds scary!! How much do you suppose they will dump? How much would that cause rates to rise? How much would that cause housing prices to drop?

Do you think they might lose any money when they dump these treasuries? Do you think this might cause their exports to drop?

82 posted on 07/20/2005 3:40:01 PM PDT by Toddsterpatriot (If you agree with Marx, the AFL-CIO and E.P.I. please stop calling yourself a conservative!!)
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To: numberonepal

"Whew! Thank goodness some national pride and sanity remains."

The pessimist in me says they'll be a shareholder lawsuit within the month.


83 posted on 07/20/2005 4:19:13 PM PDT by MonaMars
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To: Toddsterpatriot
Wow!! Sounds scary!!

I was being facetious of course. If China dumped treasuries they would lose tens of billions of dollars and we would retaliate by cutting off all trade with them.

84 posted on 07/20/2005 5:08:24 PM PDT by montag813
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To: eastforker; hedgetrimmer

GREAT NEWS!!!


85 posted on 07/20/2005 5:11:07 PM PDT by La Enchiladita (Remembering our Heroes today and every day: God be with you, Sarge and Kids.)
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To: La Enchiladita

I am very relieved that some sense of loyal to this country prevailed.


86 posted on 07/20/2005 5:12:46 PM PDT by hedgetrimmer
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To: hedgetrimmer
loyal loyalty
87 posted on 07/20/2005 5:13:16 PM PDT by hedgetrimmer
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To: southernindymom

We really, really need to get away from the "made in China" thing.



That will only change when "all" retailers big and small, chain and independant across America changes it. It isn't just a matter of saying consumers have the say so on this problem. Two thirds of the time consumers never really know where products are made. And some companies will put phoney manufacture labels on their products.


88 posted on 07/20/2005 5:16:00 PM PDT by SunnySide (Ephes2:8 ByGraceYou'veBeenSavedThruFaithAGiftOfGodSoNoOneCanBoast)
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To: hedgetrimmer

Good thing you corrected yourself before the grammar police came by... LOL.

This is a HUGH relief!!


89 posted on 07/20/2005 5:17:44 PM PDT by La Enchiladita (Remembering our Heroes today and every day: God be with you, Sarge and Kids.)
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To: La Enchiladita

I seriesly want to avoid the grammar police.


90 posted on 07/20/2005 5:27:27 PM PDT by hedgetrimmer
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To: eastforker; Jeff Head; TigerLikesRooster; Tailgunner Joe

Good news! Thanks to Chevron which saved our country.


91 posted on 07/20/2005 6:10:59 PM PDT by Wiz
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To: Wiz
Thanks to Chevron which saved our country.

How does this save our country?

92 posted on 07/20/2005 6:23:01 PM PDT by Toddsterpatriot (If you agree with Marx, the AFL-CIO and E.P.I. please stop calling yourself a conservative!!)
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To: lilylangtree
Wonder what China's retaliatory forms would be if Unocal accepts Chevron's bid?

One option would be to buy the 4 ChiCom nuclear power plants out for bid right now (decision due in the Fall '05) from AREVA (French), rather than Westinghouse (U.S. operation of BNFL). A win of all four orders by the Westinghouse group would amount to roughly $8billion and employment for loads of folks in Pittsburgh and Connecticut. The ChiComs have made the technical decision to build nuclear plants. The decision about who to buy them from is purely political and the carping about CNOOC like what I see on FR is a good way to push the ChiComs into the arms of the French.
93 posted on 07/20/2005 7:03:07 PM PDT by sefarkas (why vote Democrat-lite???)
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To: southernindymom
They could hurt us. But we could hurt them more. Without the US, probably 20% of Chinese workers would be unemployed. Add that to their current unemployment/underemployment and you get China in a Great Depression.

Plus, how long do you think it would take WalMart and all the other companies that do Chinese business to find new suppliers in other parts of the world? Within six months, that 20% would be permananently unemployed as replacement factories kick in South Asia, Africa, Indonesia and tons of other places. How do you think they'll think about their masters then? Besides the economic loss from China would be balanced to some extent by lower gas prices as Chinese demand collapsed.

94 posted on 07/20/2005 7:14:16 PM PDT by LenS
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To: montag813

Thanks! Ya know Joe Battalya (sp?) of Goldline on his afternoon radio broadcast yesterday said the same thing.


95 posted on 07/21/2005 8:16:00 AM PDT by lilylangtree
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To: LenS

Interesting... I guess they still scare me the most, as there are so many of them and they are communist. The majority of them live in poverty, don't they? Sure, we see the big cities and all that, but most of the place is 3rd. world, maybe getting to 2nd world, so to speak.


96 posted on 07/21/2005 9:15:23 AM PDT by southernindymom
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To: green iguana

They can begin routing Oil away from their enemies (U.S.), Taiwan, Japan, and to themselves without a war.

In the event of a war, C-3 is already in place.

C'mon.


97 posted on 07/21/2005 10:12:28 AM PDT by TFMcGuire
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To: southernindymom

It would actually affect their economy just as much as it would ours. Also, we are now starting to move to India, and possibly Vietnam. I myself can remember when eveything was made in Japan. We always complained about things made in Japan, but in reality, it was better than Made In China.

Oh the days when China was weak and without nuclear capabilities, weren't those the days before Clinton sold us out?


98 posted on 07/21/2005 10:58:55 AM PDT by benjibrowder (This is a tagline virus. Please help me spread by copying this and making it your tagline.)
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To: 1rudeboy
I also heard that the Chinese offer for Maytag fell through.

Don't tell me the commies tried to subvert the Maytag Repairman. Oh, woe! The Visuals!!!My American Repair Guy blood runs cold at the thought!

99 posted on 07/21/2005 11:40:02 AM PDT by Calusa (Say Nick, was ya ever stung by a dead bee?)
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To: benjibrowder

So true, it's amazing that that particular subject is never brought up by the MSM.


100 posted on 07/21/2005 12:29:06 PM PDT by southernindymom
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