Snow: US may review CNOOC's oil takeover
By Qin Jize (China Daily)
Updated: 2005-06-30 06:19

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 06/30/2005 page2)

Close

Special police detachment established in Xi'an Panda cubs doing well in Wolong Suspect arrested in Taiwan

Today's Top News     Top China News
Taiwan's KMT Party to elect new leader Saturday         'No trouble brewing,' beer industry insists         Critics see security threat in Unocal bid         DPRK: Nuke-free peninsula our goal         Workplace death toll set to soar in China         No foreign controlling stakes in steel firms	No foreign controlling stakes in steel firms       China-made telescopes race to space       'No trouble brewing,' beer industry insists       HK investors cautious on mainland homes       Law in pipeline to ban money laundering       Overseas students test their Chinese abilities