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Chinese companies are on the stage 2005 was a remarkable year for China's oil and gas companies. During the year, Chinese companies began to climb the stage of international oil and gas business mergers and acquisitions and made frequent appearances.
In early 2005, CNOOC announced the purchase of Unocal, the ninth largest oil and gas company in the United States, for US$13 billion. It opened the prelude to the acquisition of overseas oil and gas assets by Chinese companies, but eventually lost to ChevronTexaco. Immediately afterwards, PetroChina successfully acquired Kazakhstan’s PK Oil Company for a price of US$4.18 billion, making it the largest overseas M&A case among Chinese companies to date. At the end of 2005, CNPC and the National Petroleum Corporation of India joined forces to acquire Petro-Canada’s oil and gas assets in Syria for 484 million euros.
M&A activity tends to become large-scale Chevron Texaco and Unocal reached an agreement in April 2005. The former will acquire Unocal for US$18 billion, which was jointly signed by Continental and Phillips Petroleum in 2002. Since the reorganization, the largest oil and gas company in the United States has taken over. Chevron Texaco expects 2006 oil equivalent production will reach 3 million barrels / day.
ConocoPhillips and Burlington Resources have jointly announced that the two sides have signed the final agreement, and ConocoPhillips will acquire Burlington Resources for US$35.6 billion. Upon completion of the transaction, ConocoPhillips will acquire the latter's extensive, high-quality natural gas exploration and exploitation assets, primarily located in North America. The oil and gas production of the two companies in 2005 reached 2.3 million barrels of standard oil per day, of which 50% was produced in North America.
In September 2005, Valero Energy of the United States purchased Premcor's refinery with cash and stocks totaling 6.9 billion U.S. dollars and debt of 1.8 billion U.S. dollars, becoming the largest refiner in North America. The acquisition marked an important step in the consolidation of the US refining industry. After the acquisition, Valero Energy has increased four oil refineries in the United States, with a daily refining capacity of 2.77 million barrels. The market share in the United States can be increased to 13%, surpassing rival Exxon Mobil Corporation in the North American market, ranking first .
Oil and Gas Investment Increases In October 2005, BP, the world’s third-largest oil company, announced that it has reached an agreement with Ineos, which will purchase BP’s subsidiary Innovene for US$9 billion in cash. BP hopes to spin off its own chemical assets and concentrate on more lucrative energy extraction business. The company's $9 billion sale of Innovene can be described as reluctant to cut back in exchange for its greater role in the energy sector.
Shell and BASF sold their plastic joint venture company Basel for 4.4 billion euros, and the buyer was a consortium led by the Access Industry Group and the Chatterjee Group in New York. According to Frank Keeth, executive vice president of Shell Chemicals, the sale will ensure that the company will better implement its strategic focus on the development of petroleum products and chemicals business, strengthen its core business in Europe and North America, and achieve development in Asia and the Middle East.
2005 Global oil and gas mergers and acquisitions resurrected Chinese companies began to appear on the stage of mergers and acquisitions
In 2005, crude oil prices in the international market can be summarized in terms of 'breaking new heights'. Under the influence of factors such as tight supply and demand, politics, climate and speculation, oil prices have spiraled upwards. The rising oil prices have cheered oil producers, adjusted their businesses, increased their investment in the upstream oil and gas sector, and expanded their production capacity and replacement reserves by acquiring companies with growth potential. Among them, the performance of Chinese companies has attracted particular attention.