Conoco closer to complete Gulf acquisition

US oil giant Conoco Inc is moving one step closer to complete acquisition of Gulf Canada Resources Limited after the required waiting period to acquire all of the outstanding ordinary shares of Gulf Canada Resources Limited expired on July 5, 2001.

Conoco said in a statement Friday that, in accordance with U.S. anti-trust regulations under the so called Hart-Scott-Rodino act, its tender offer expired, signaling that the deal was acceptable to regulators.

In May, Conoco agreed to buy Gulf Canada for $8.02 (C$12.40) per share

On June 27, the Canadian Commissioner of Competition under the Competition Act (Canada) had also given green light for the acquisition.

Once the acquisition takes place, Southeast Asia will become a fourth core area for Conoco through Gulf Canada's 72 percent interest in Gulf Indonesia Resources Limited. Conoco will more than double its proved reserves in Southeast Asia and more than triple 2000's total net production from the region.

Earlier, Pat Meyer, Conoco?s Indonesia unit president said that incorporating earning from a 72 percent stake in Gulf Indonesia, natural gas sales, and oil production from Conoco operations in West Natuna, Conoco's earnings from South East Asia following the acquisition is set to exceed US$ 100 million in 2001.

In Indonesia , where Conoco's Southeast Asian oil and gas investments are concentrated, Conoco and Gulf Indonesia will continue operating as separate companies as Gulf Indonesia is not a wholly -owned Gulf Canada unit. (alex)