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Thursday, July 14, 2005 

Canadian, American and Chinese Perspectives on Unocal Bid

Canadian angle on the latest round of U.S. officials sound alarm on China in today's Globe and Mail. I am storing some interesting bits here before the story disappears behind the subscription wall.

"WASHINGTON -- U.S. political leaders say China is waging a stealth campaign to lock up scarce global oil supplies in places such as Alberta's oil sands to keep them out of the hands of Americans.


"They are hunting around the world for reserves of oil, gas, tar sands and other energy-related assets to acquire," Richard D'Amato, chairman of the U.S.-China Economic and Security Review Commission, told members of the U.S. House of Representatives' armed services committee.

"Their goal is to acquire and keep energy reserves around the world and secure delivery to China above and beyond any market considerations."


Duncan Hunter, chairman of the House armed services committee, likened CNOOC's bid for Unocal to recent Chinese deals to buy a piece of Alberta's oil sands, the last major oil reserves in North America. And he suggested to the panel of experts that the Bush administration should be pressuring Canada to review these Chinese investments.

"I would hope that some American diplomat or some part of the U.S. government is expressing those sorts of concerns to Canada," responded James Woolsey, former director of the U.S. Central Intelligence Agency.

But Mr. Woolsey added that Canada is free to do whatever it wants with the oil sands."

New York Times: Unocal Bid Denounced at Hearing

For a Chinese perspective on the issue, see CNOOC, Unocal and the “Go-out Strategy” by Hu Shuli, editor of Caijing Magazine. [via China Digital Times]

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