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CNOOC: No plan to take stakes of Aussie firm

  BEIJING, Aug. 19 -- CNOOC says it won't take stakes of Australia's Woodside Petroleum. 

According to Alan John Carpenter, Minister for State Development in Western Australia State, Australia, Fu Yucheng, president of China National Offshore Oil Corp. (CNOOC), made it clear that he had no plan to merge with Woodside Petroleum, Australia's largest oil and gas exploration and production company, during their meeting in Beijing last week.

  Since Fu met with officials from Western Australia State right after he announced CNOOC gave up the acquisition of US-based Unocal, market speculation that CNOOC has turned its acquisition target from US to Australia.

  "Fu noted firmly that CNOOC had no plan to merge Woodside Petroleum. The market speculation is groundless," said Carpenter when he described their meeting in Beijing.

  It is said that Fu seems to pay more attention to Australia's supply of liquefied natural gas (LNG) to China, and worry about the supply could not meet the demand of Chinese power market.

  Carpenter noted that he has invited CNOOC and China National Petroleum Corporation (CNPC) to set up institutions in Western Australia State

  (People's Daily Online)

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