Word: petroleum
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...natural gas for 16-18 percent of their fuel for electricity generation. Then there's oil. After Hurricane Ivan had severely damaged seven oil platforms and key pipelines buried 20 to 30 feet deep in underwater mudslides near the mouth of the Mississippi, President Bush tapped into the Strategic Petroleum Reserve, a move the Administration dubbed "an exchange" since it called for the supplies to be replaced. Political critics are pressing him to repeat that move, but industry analysts are split on whether this really helps keep prices down. Still, most observers expect Bush to approve another "exchange...
...past 12 months?before easing slightly the following day. With the price of oil on the rise, its effects in Asia, on producers and consumers alike, are everywhere to be seen. Last week Beijing continued its frantic push to secure foreign energy reserves when China National Petroleum, a state-owned oil company, trumped an Indian government-controlled firm with a winning $4.2 billion bid for PetroKazakhstan, a Canadian-owned firm with vast oil and gas reserves in the former Soviet republic. China certainly needs the go juice. Motorists lined up for hours at filling stations in the country's southern...
...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...
...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 is about...
...high-profile U.S. competitors: Haier, well known among college students as the maker of small refrigerators popular in dorm rooms, is teaming with a U.S. private-equity firm to bid for Maytag, the struggling appliance maker based in Iowa. And 19 years after getting his M.A. in petroleum engineering from U.S.C., Fu wants to own Unocal, once the parent of those Union 76 gas stations. The company he heads, China National Offshore Oil Corp. (CNOOC), topped a $16.5 billion bid from Chevron for the ninth largest U.S. oil company...