China National Offshore Oil Corporation (CNOOC) lost its bid for Unocal to ChevronTexaco beat which offered US$16.8bn. The bid also bested a bid from ENI of Italy. Agence France Presse originally broke the news that CNOOC was eyeing America's largest independent oil producer back in January. In another blow for China's oil sector, Harvard University responded to months of protests and divested its US$4.4m interest in PetroChina because of its links with the Sudanese government accused of committing genocide in the country's western Darfur region.
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