WASHINGTON, June 23 (Xinhuanet) -- The Bush government would review the
takeover deal between a Chinese oil producer and the USoil company Unocal Corp
for national security considerations, Treasury Secretary John Snow said
"It's hypothetical at this point because we don't have a transaction," said
Snow while testifying at a congressional hearing on China's trade and currency
"I would fully contemplate that the parties would want to availthemselves
of that process. That is normally what happens on a voluntary basis," he added.
China National Offshore Oil Corporation (CNOOC), the nation's third largest
oil producer, made a bid of 18.5 billion dollars forUnocal Corp. on Thursday.
Calling it a friendly bid, CNOOC Chairman and CEO Fu Chengyu said that
national security was not an issue, according to reportsreaching here.
"This transaction is purely a commercial transaction," he said in a
conference call with reporters. "We are confident that the USgovernment will
support this project." Enditem