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June 23, 2005
China's Bid For Unocal Has Broad Economic Implications
"A bold offer by a state-owned company here [in Beijing, China] to outbid Chevron and take over a major California oil group [Union Oil Company of California] suggests that China's rising economic clout has hit harder and faster than even many optimists predicted," writes Robert Marquand, staff writer of The Christian Science Monitor, in the paper's June 24, 2005 edition. He noted: The $18 to $20 billion offer by China National Offshore Oil Corp. (CNOOC) to secure Unocal, which has oil and gas reserves in Asia, underscores the magnitude of the energy needs of China as it continues its manufacturing juggernaut on the world stage. The bid is part of China's so-called energy diplomacy, which in recent years has witnessed a host of Chinese leaders, including President Hu Jintao and Premier Wen Jiabao, making deals worth tens of billions in Australia, Sudan, Iran, Khazakhstan, Venezuela, and Canada.
The question is: Will the Bush Administration let Unocal be sold to China? See "China's bold bid for global energy" for more of Mr. Marquand's analysis.
Posted by Munir Umrani at June 23, 2005 08:50 PM
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