[Congressional Record Volume 151, Number 87 (Monday, June 27, 2005)]
[House]
[Page H5180]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                                 UNOCAL

  (Mr. NEY asked and was given permission to address the House for 1 
minute and to revise and extend his remarks.)
  Mr. NEY. Mr. Speaker, I rise today to request that the Bush 
administration review, under the Committee on Foreign Investment in the 
United States, the Chinese National Offshore Oil Corporation's bid to 
purchase Unocal.
  Mr. Speaker, at a time of rising prices on global oil supplies, ready 
access to energy resources is vital to our economic security. It is 
imperative that the United States protect its access to these energy 
resources in order to protect our economy and our national security.
  This committee, chaired by Treasury Secretary Snow, may block this 
foreign acquisition of an American corporation if it finds that there 
is evidence that the Chinese National Offshore Oil Corporation might 
take action that threatens our national security.
  Such a review is not unprecedented. Mr. Speaker, in 2003, the 
committee reviewed a bid by Hong Kong-based Hutchinson Whampoa to 
purchase Global Crossing, and earlier this year the committee reviewed 
the sale of IBM's personal computer business to the Chinese firm, the 
Lenovo Group.
  Should the committee determine that this acquisition threatens the 
national security of the United States, it could ultimately issue a 
suspension or a denial.
  Whether the Chinese National Offshore Oil Corporation's actions, 
through the takeover of Unocal, will threaten our national security is 
not yet known; however, they justify a thorough review.

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