Word: fu
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Dates: during 2000-2009
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...Fu Chengyu, chief executive officer of CNOOC, is the driving force behind its controversial takeover bid for U.S. oil giant Unocal. A fluent English speaker with a degree in petroleum engineering from the University of Southern California (he's currently a few courses shy of an M.B.A.), Fu met with TIME recently in Beijing to explain why a merger should make sense to Unocal, Washington and his own shareholders...
...TIME: Why is buying Unocal a good deal for CNOOC? Fu: We are a value-driven company. We look at Unocal's assets?both the reserves it has already discovered as well as undeveloped [oil and gas] properties it owns?as a very good strategic fit for us. We are in the oil and gas business in Asia and so is Unocal...
...bringing liquefied natural gas back to China and shipping it into booming markets on the coast and inland. After all, most of the gas Unocal owns in Asia is already under contract in countries like Thailand and Bangladesh, so it can't be exported back for use in China. Fu: This is in no way a diversion. There is potential for gas in the undeveloped properties Unocal has in Indonesia, for example. Second, the other gas businesses there are good assets and we would continue to run them as a responsible international oil and gas company...
...TIME: Are you worried that you might be overpaying for those assets at a time when oil prices are perhaps at a peak? Fu: Not at all. We think Unocal is very good value, and our offer is the superior [one] on the table...
...TIME: Why do you think your bid makes so many politicians in Washington nervous? Fu: I don't really know, but I would say: look at our company's track record. We do business with many other companies in the world, including Chevron. I personally used to work at Phillips Petroleum [an American company, now called ConocoPhillips] in China. We had 400 people working there, including 200 expats. I came back to CNOOC in 1999. We run this company as professionally as we can, always with an eye on creating value for our shareholders. That's what this deal...