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Topic - Unocal Corporation
Union Oil Company of California, dba Unocal is a defunct company that was a major petroleum explorer and marketer in the late 19th century, through the 20th century, and into the early 21st century. It was headquartered in El Segundo, California, United States. - Source: Wikipedia
Mobil 1 will remain the "Official Motor Oil of NASCAR" through 2017 under a contract extension announced Monday with parent company ExxonMobil.
Not content to buy up Africa, China now seeks to invade North America ("Chinese target Canada's tar sands oil with proposed purchase of Nexen," Web, Saturday).
China's bid for a bigger stake in the booming tar sands oil fields of Canada has some American lawmakers flustered, but the deal is likely to be approved anyway by Canadian officials fed up with Washington's delays on the stalled Keystone XL pipeline.
A top Chinese oil company is confident its proposed $15.1 billion purchase of Nexen, a Canadian firm, won't turn into another awkward Unocal debacle, which is still ever-so fresh in their memory.
China moved Monday toward its biggest overseas energy acquisition as offshore oil and gas giant CNOOC Ltd. announced an agreement to buy Canadian producer Nexen Inc. for $15.1 billion.
China's government took the first official step June 27 to inject $200 billion into a new sovereign company that will buy equity assets abroad. Beijing announced its plan in March to make more profitable use of $1.2 trillion in hard currency reserves, much of which are now kept in U.S. Treasury securities. The Finance Ministry will capitalize the fund, to be run by a former Finance official.