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The government need to step in and just say no to this one!
China is now the world's foremost economic leader. Where we go to war to secure our oil interests; Iraq is, I believe second to Saudi Arabia; China buys Unocal
Originally posted by MemoryShock
The link asserts that by 2020, India and China will rival the U.S. in Economic power
I wish Americans would stop and think about what is happening here. I feel so powerless.
Originally posted by sardion2000
I wish Americans would stop and think about what is happening here. I feel so powerless.
Now you Americans know what we Canadians have been feeling like ever since NAFTA was signed, our politicians sold us out now yours are selling you out. Maybe the US public will finally wake up and figure out that globalisation can be a bad thing
NEW YORK (AFP) - China National Offshore Oil Corp. (CNOOC) has agreed to launch the biggest ever takeover offer by a Chinese group with a 19 billion dollar bid for US oil major Unocal, according to a report.
The decision to trump a rival bid for Unocal by ChevronTexaco was reached by CNOOC directors in a tense six-hour board meeting held in Beijing on Wednesday, The Financial Times said in its online edition.
It quoted people close to the situation as saying CNOOC had decided to bid about 67 dollars a share for Unocal and would offer to take on 1.6 billion dollars of the US energy group's debt.
Unocal Bid
WASHINGTON - The acquisition of Unocal Corp. by China's state-owned oil company CNOOC Ltd. would not pose a threat to the United States' energy security, industry analysts said Thursday, arguing that fears being stirred up in Congress are unwarranted.
These oil experts said the knee-jerk response from some in Congress could backfire by making it harder for U.S. oil giants to gain the international access they need in order to grow. Moreover, they said a deal between CNOOC and Unocal could benefit U.S. companies, consumers and workers in the long run.
Unocal
BEIJING - Trying to allay U.S. national security worries about its bid for Unocal Corp., Chinese state-owned oil company CNOOC Ltd. said Friday it was willing to discuss selling some Unocal assets and putting others under American management.
The announcement came after four members of Congress called on the U.S. government on Thursday to review the security implications of allowing a Chinese state-controlled firm to take control of the ninth-largest American oil producer.
CNOOC Tries to Ease U.S. Worries on Unocal
WASHINGTON (AFP) - US Commerce Secretary Carlos Gutierrez said a takeover bid by a state-run Chinese energy firm for US oil major Unocal is likely to be reviewed on national security grounds.
Gutierrez said the bid by China National Offshore Oil Corp. (CNOOC) would be subject to the normal vetting process used for a foreign takeover of a US company.
"Well, it's a process that reviews all foreign investments and whether it be national security or other considerations, but there is a process in place that would be applied to this transaction," he told the CNBC television network.
national security review