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Concerns over China Oil subsidiary of Unocal buying into US Energy infrastructure

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Saturday, July 16, 2005

At a U.S. House Armed Services Committee meeting broadcast on CSPAN, former CIA Director Woolsey talked about the 18.5 billion dollar bid by the government-backed China National Offshore Oil Corporation (CNOOC) for the purchase of Unocal Corporation. He said this is definitely a strategic energy power move by China, and it was not for economic gain. Others are still worried about EMP.

U.S. Treasury Secretary John Snow heads a committee that can block the takeover. The U.S. House of Representatives passed a measure in June by a wide margin to form the committee under Snow. U.S. national security concerns are at stake according to analysts and many conservatives.

The United States reluctance to allow China's unsolicited bid for an American oil company surprises some. When Russia claimed their own oil companies could not be bought by Americans for both "strategic" and "national security" reasons, the United States was vehemently opposed to that position.


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  This page is archived, and is no longer publicly editable.
Articles presented on Wikinews reflect the specific time at which they were written and published, and do not attempt to encompass events or knowledge which occur or become known after their publication.

Got a correction? Add the template {{editprotected}} to the talk page along with your corrections, and it will be brought to the attention of the administrators.

Please note that due to our archival policy, we will not alter or update the content of articles that are archived, but will only accept requests to make grammatical and formatting corrections.

Note that some listed sources or external links may no longer be available online due to age.

The text of this article has been released into the public domain. In the event that this is not legally possible, this article may be used for any purpose, without any condition, unless such conditions are required by law. This applies worldwide. Copyright terms on images, however, may vary, so please check individual image pages prior to duplication.
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