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Snow: US May Review CNOOC's Oil Takeover

US Treasury Secretary John Snow hinted that the Bush administration would review China National Offshore Oil Corporation (CNOOC)'s takeover bid for US oil producer Unocal on national security grounds.

In an interview in New York yesterday, Snow said it was too early to make any definitive comments on the issue, but added: "We will look at anything that raises national security issues," Xinhua reported.

Whether the bid is approved by the US Government depends on the details of the purchase agreement and the situation of the companies involved, he said.

The Committee on Foreign Investments in the US, a body Snow chairs, is responsible for reviewing acquisitions of US companies by foreign corporations.

Chinese Foreign Ministry spokesman Liu Jianchao said on Tuesday that China opposed any political interference in CNOOC's bid to buy Unocal. CNOOC offered US$18.5 billion in cash last week to acquire California-based Unocal, a higher bid than the US$16.4 billion offer the company accepted from Chevron in April.

(China Daily June 30, 2005)


CNOOC Prepared to Participate in CFIUS Review of Unocal
Unocal to Negotiate with CNOOC on Merger Offer
Reaction Mixed to CNOOC Bid
CNOOC Offers US$18.5 Bln for Unocal
CNOOC to Decide on Unocal Bid
CNOOC Considers Unocal Bid
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