DOW JONES NEWSWIRES
The president of China National Offshore Oil Corporation, or
CNOOC (CEO), said the firm is keen on cooperation with other
companies, not takeovers, EFE Newswire said, citing a newspaper
report.
"The strategic priority for CNOOC continues to be focused on the
search for cooperation, instead of mergers and acquisitions," said
Fu Chengyu, the newswire reported, citing Sunday's Oriental Morning
Post.
The comments were interpreted as a denial of last week's reports
that CNOOC was contemplating buying a stake in Argentine oil
company YPF SA (YPF) from Spain's Repsol (REP).
The reports suggested CNOOC was planning to make an offer to buy
the Argentine company together with another Chinese state-owned
company, China National Petroleum Corp (PTR), or Petrochina, for a
total of $17 billion.
Sources consulted by EFE said CNPC may still be interested in
buying a stake of up to 30% of YPF for $4 billion.
"Our attitude of prudence with regards to acquisitions isn't
going to change," Fu said.