In 2005, Cnooc withdrew a multibillion dollar bid for Unocal Corp. as a result of national security concerns in Washington.
FORBES: Put China To A Choice: Tehran Or Texas
State-owned oil company Cnooc Ltd. ran into a firestorm when it tried to buy Unocal Corp. in 2005, to name but one example.
WSJ: A Chinese CEO Opens Up
And even after the oil sectors recent rebound, stocks like Conoco (25, COC) and Unocal Corp.(36, UCL), at six times cash flow (net plus depreciation), are historically cheap.
FORBES: Time to buy some also-rans
Corp, Unocal Corp. and Koch Industries.
WSJ: BP to Cut Oil Production on Alaska's North Slope
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