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Security review over Unocal bid



By Upstream staff 

The US House Armed Services Committee has planned a 13 July meeting to decide whether a merger between China's National Offshore Oil Corporation (CNOOC) and Unocal would pose a national security threat.

The Committee said it would hear testimony from chairman of the US-China Economic and Security Review Commission, Richard D'Amato, and the president of the Center for Security Policy, Frank Gaffney.

The US House of Representatives has repeatedly expressed concern over the potential threat of a Chinese oil producer controlling proprietary technologies developed by a US company.

The House voted on 30 June to block the Treasury Department from spending money to approve CNOOC's bid.

It also passed a resolution for the Bush administration to immediately review the takeover.

According to reports, the Chinese offshore oil producer said earlier this week it expected opposition to its offer and welcomes US-conducted reviews.


Friday, 08 July, 2005, 16:35 GMT  | last updated: Monday, 11 July, 2005, 07:46 GMT

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