Chevron Criticizes Chinese Rival’s Bid

A top executive at Chevron has sharply criticized the competing $18.5 billion bid for Unocal by China’s third-largest oil company, saying it would result in an inferior combination that would produce less oil and natural gas than a Chevron acquisition and would turn Unocal into a company “strategically focused on China.”

The executive, Peter Robertson, the vice chairman of Chevron, also accused the Chinese company and officials of not competing fairly.

“Clearly, this is not a commercial competition,” Robertson said. “We are competing with the Chinese government, and I think that is wrong.”
International Herald Tribune