Thanks for posting this, Pirate Smile. I've been trying to keep up with this story. Here's a few links you might find interesting:
http://news.bbc.co.uk/1/hi/business/4191683.stm China's global hunt for oil By Mary Hennock
BBC News business reporter
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Running a Chinese oil company is a highly political business, and successful oil mandarins tend to have their eye on plum government jobs.
"Their attention is divided, let's say," is how one analyst puts it.
But CNOOC bosses have impressed. They talk fluent industry jargon, wooed
Henry Kissinger onto their
advisory board, and have a $4.3bn petrochemical project with Shell that is China's biggest joint venture investment.
More ...
http://www.marketwatch.com/news/story.asp?guid={c80bd06d-0ac4-4a8c-8875-2bac39eb2878}&siteid=mktw&dist=SignInArchive&archive=true¶m=archive&garden=&minisite=
Chevron exec calls for WTO review of CNOOC unocal bid - FT Last Update: 1:32 PM ET July 1, 2005
NEW YORK (MarketWatch) -- Chevron Corp. (CVX) on Thursday called for CNOOC Ltd.'s (CEO) unsolicited bid for Unocal Corp. (UCL) to be referred to the World Trade Organization, claiming its Asian rival was attempting to acquire a "critical resource" with "free money," The Financial Times reports in an article on its Web site.
In an interview with the newspaper, Peter Robertson, Chevron's vice-chairman, said:
"There is something a little wrong with a set of trading rules that allow a government to enter a commercial playing field, in a sense, and to subsidize a bid to pick up these assets.
"If you can get free money, there is no end to this. So it seems like there is sort of a trade rules issue here that somebody needs to deal with," he told the FT.
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http://www.theaustralian.news.com.au/common/story_page/0,5744,15810498%255E643,00.htmlUnocal bid mired in 'red star rising' fearGeoff Elliott
04jul05
LOOK no further than
Duncan Hunter, Californian Republican in the US Congress, for the kind of angst China's $US18.5 billion ($24 billion) bid for US oil company Unocal is causing in Congress.
Hunter is a "Buy American" and Fence-the-Mexican-Border kind of politician. He's also chairman of Congress's powerful Armed Services Committee and gets plenty of voice in Washington.
And he's alarmed about the rise of China - linking its growing economic might with national security fears.
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And it's not just Republicans. Democrats have been venting too. Consider this from
Democrat Senator Ron Wyden of Oregon, addressing Treasury Secretary John Snow and Federal Reserve chairman Alan Greenspan on the day the CNOOC bid for Unocal was announced: "I consider myself a free trader. I voted for CAFTA (Central American Free Trade Agreement) last week (and was) against slapping these tariffs on China, which I think would boomerang on our companies. But I don't think being a free trader is synonymous with being a sucker and being a patsy."
He urged Mr Snow, who chairs the review committee for foreign company takeover bids, to look at the bid on national security grounds.
"I would only tell you, Mr Secretary, if you don't review this one, that law is meaningless. And I'm telling you ... those of us that consider ourselves free traders have got to be aggressive in terms of using the existing tools on the books - I don't see the arguments for not doing a review."
More ....