Secretive US Panel Could Block China’s Unocal Bid

State-owned CNOOC’s unsolicited bid trumped a roughly $16.4 billion offer from Chevron Corp. and coincides with record oil prices, unease over China’s $160 billion trade surplus with the United States and concerns about China’s growing military might.

Many lawmakers want the definition of national security to be broadened to include economic security.

“The primary question for this transaction is whether they consider energy security to be a national security issue,” said Michael Wessel, a Democrat and one of 12 members of the congressionally mandated U.S.-China Economic and Security Review Commission.
Reuters