Six centuries after a close confidant of the third emperor of the Ming Dynasty led a fleet from his giant “Treasure Ship” to the Persian Gulf in an effort to expand Chinese influence, Fu Chengyu is attempting to carry off a similar feat.
The chairman of CNOOC, the Chinese oil company, is captaining an $18.5 billion (£10 billion) bid by CNOOC — code-named “Operation Treasure Ship” — for Unocal, the world’s ninth largest oil company.
Mr Fu’s offer trumps an agreed bid by Chevron by $1.5 billion and marks the first takeover battle by the Chinese for an American company.
Mr Fu, 55, is said to stand out from many of his peers for his Western sensibilities and willingness to break with Chinese business norms.
That reputation no doubt comes from his time spent in the US. After graduating in China with a degree in geology he completed a master’s at the University of Southern California.
Advertisement
He joined CNOOC in 1982 and worked his way up to become head of the company in 2003.
Mr Fu has now amassed some three decades of experience in the Chinese oil industry.