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CNOOCered

23 July 2012 By Christopher Swann

At $17.9 bln, the Chinese oil giant is valuing its Canadian rival’s enterprise at almost 4.5 times estimated 2012 EBITDA. That’s on par with Nexen’s peers even though it has been trading at a big discount. For CNOOC to get its money’s worth will require a major turnaround.

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