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Oil Search rejects US$8b bid

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China's CEFC Energy has entered a preliminary agreement with an undisclosed state energy firm to provide oil storage to hold about 12.6 million barrels of commercial state crude reserves, two sources at the private energy firm said on Tuesday.

Sydney

OIL Search Ltd on Monday rebuffed an US$8 billion takeover proposal from Australia's biggest energy company Woodside Petroleum Ltd as far too cheap, although it left the door open to higher offers.

Woodside last week sought exclusive talks with the Papua New Guinea-focused

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