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Sunday, Jan 29, 2023
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CNOOC Welcomes Scrutiny in Unocal Bid

CNOOC Ltd.’s CEO Fu Chengyu wrote in a letter to Congress Monday that the company is eager to have the U.S. government scrutinize the national security implications of its $18.5 billion cash offer for Unocal Corp., seeking to address concerns circulating among lawmakers.


A number of U.S. lawmakers have urged the Bush administration to look into CNOOC’s offer for the El Segundo-based oil company amid U.S. discontent over China’s $160 billion trade surplus with the U.S. and concerns about China’s growing military strength.


On Friday, CNOOC’s chairman said the company was ready to start immediate talks with Unocal on its unsolicited bid. The offer from the Chinese state-owned oil company is nearly $2 billion higher than the $16.6 billion Chevron has agreed to pay for Unocal.


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