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Friday, 05 December, 2008, 17:10 GMT | more >>

Bodman tight-lipped over CNOOC move



By Upstream staff 

US Energy Secretary Sam Bodman has refused to speculate on how the Bush administration would react to a bid by China National Offshore Oil Corporation (CNOOC) to buy Unocal, although he said it would trigger a " complex" government review.

Chinese state-run producer CNOOC's board is considering whether to make a counter-offer to Chevron's $16 billion bid for Californian independent Unocal.

Bodman said if CNOOC decided to place the bid it would be investigated by a number of US government agencies, including the State, Treasury, Commerce and Defense departments.

The Committee for Foreign Investment in the US carries out reviews of major foreign investments to determine whether national security or related concerns are at stake.

Bodman told the National Petroleum Council that it would be "a very complicated process". He added the government's review of the deal would be "a complex matter".

However, Bodman declined to comment on how the administration would rule on the deal.


Wednesday, 22 June, 2005, 16:27 GMT  | last updated: Thursday, 23 June, 2005, 09:06 GMT

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