Quotable Quotes

'We have what is clearly a superior offer. It remains on the table. Our bid at $67 (per share) cash is considerably above the alternative offer of $63.'
A spokesman for CNOOC Limited said to Platts in reference to its takeover offer for US independent Unocal after rival bidder Chevron late Tuesday announced a new merger agreement at an improved $63.01/share.


'The three companies were out of the contest because their asset base was too small to acquire Inchon Oil. Their assets are less than Won 3-bil ($2.9-mil) each.'
An Inchon Oil Refinery official said in reference to She Kwang Energy Corp, EF System Corp and ECI having asset bases a lot smaller than the Won 1.8-tril of Inchon Oil.


'We see gasoline production dropping to the 8.6-mil b/d range from the previous week's 8.8-mil b/d on lower overall runs and storm-related disruptions to fluid catalytic cracker operations.'
Energy analyst at J.P. Morgan, Katherine Spector, said in a report ahead of Wednesday's US DOE and API inventory reports where analysts estimare a draw in gasoline stocks of 1.4-mil bbl. "