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 Thursday.

    "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 practices.

    "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