Thread: China Tells U.S. Congress to Stop Interfering With CNOOC Bid

Jul 5, 2005

China Tells U.S. Congress to Stop Interfering With CNOOC Bid for Unocal
The Associated Press


BEIJING (AP) - China on Tuesday demanded that Congress "correct its mistaken ways" and stop interfering in the proposed takeover of the Unocal oil corporation by China's state-owned CNOOC Ltd. American politicians had warned the $18.5 billion takeover bid announced last month could pose risks to U.S. national security and called for a full review by the Bush administration.

The Chinese company's officials have welcomed a security review and denied that CNOOC was acting on behalf of China's government, which is in the midst of a multibillion-dollar campaign to secure foreign oil and gas supplies to power its booming economy.

"We demand that the U.S. Congress correct its mistaken ways of politicizing economic and trade issues and stop interfering in the normal commercial exchanges between enterprises of the two countries," the Chinese Foreign Ministry said in a statement released Tuesday.

China has been insisting CNOOC's offer is pure business. "CNOOC's bid to take over Unocal is a normal commercial activity between enterprises and should not fall victim to political interference," said the statement.

Developing bilateral economic and trade cooperation is in the interests of both sides, the statement said.

The congressman who sponsored a resolution last Thursday urging an administration review of the deal, Rep. Richard Pombo, R-Calif., was unswayed by the criticism.

"These comments will only reinforce the concerns expressed by the House last week," Pombo said in a statement. "If the Chinese are willing to tell the Congress of a free nation to get lost, what assurance do we have that they wouldn't tell the free market to butt-out too? I think the answer is 'none.' An investigation into the national and economic security ramifications of this deal is clearly warranted." CNOOC is bidding against Chevron Corp. for Unocal, the ninth-largest U.S. oil and gas firm. The Chinese firm has argued that its offer will benefit the United States by paying Unocal shareholders more and causing fewer job losses.

AP-ES-07-05-05 1716EDT

This story can be found at: http://ap.tbo.com/ap/breaking/MGBNQ97NSAE.html

I think we have given China enough abusiness. They should go to Iraq for their oil....

JUST SAY NO!!!! LOL

They dont need to be buying anything, its bad enough we have to buy thier products.

Promethues