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Oil Company to Make China's Biggest Overseas Acquisition

Zhang Zhirong, chairman of Rongsheng Heavy Industries Group, along with other investors are alleged to have made US$ 13 million through inside knowledge of CNOOC's proposed buyout of Nexen. Zhang entered a strategic cooperation agreement with CNOOC in 2012.

Experts predict the scandal will tarnish CNOOC's reputation, but the deal, which will be examined by the Committee on Foreign Investment in the United States, may still go ahead, unlike CNOOC's aborted attempt to acquire America-based Unocal Corp. in 2005.

If completed, the Nexen deal would help CNOOC further expand its global presence, make up for its weakness in unconventional oil&gas, and consolidate its strength in off-shore oil extraction.

Issue 329
Print:2012-08-13
By staff reporters Yan Jianbiao and He Tao
The protesters in Qidong scored a victory, but with nowhere else to go, waste will continue to be dumped into the Yangtze River, causing serious environmental degradation.
By staff reporter Wang Peicheng
Almost all potential financing channels for enterprises have shrunk dramatically in Wenzhou, while the second wave of a lending crisis which began last year is now brewing.
By staff reporter Zuo Lin and intern reporter Wang Kai
With government support and participation on the rise, the process of "de-administrativizing" the Red Cross Society of China is full of uncertainty.
By staff reporter Yang Zhongxu
The "commercialization" reform of medical insurance for serious illnesses will help end the longtime urban/rural dual-track approach in China's health insurance system.

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