[Congressional Record Volume 151, Number 97 (Monday, July 18, 2005)]
[Senate]
[Page S8416]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                            NOTICE OF INTENT

  Mr. DORGAN. Mr. President, I submit the following notice in writing: 
In accordance with rule V of the Standing Rules of the Senate, I hereby 
give notice in writing that it is my intention to move to suspend 
paragraph 4 of rule XVI for the purpose of proposing to the bill H.R. 
3057 the following amendment:


                               S.A. 1256

       At the appropriate place, insert the following:

     SECTION 1. FINDINGS.

       Congress makes the following findings:
       (1) Oil and natural gas resources are strategic assets 
     critical to national security and the Nation's economic 
     prosperity.
       (2) The National Security Strategy of the United States 
     approved by President George W. Bush on September 17, 2002, 
     concludes that the People's Republic of China remains 
     strongly committed to national one-party rule by the 
     Communist Party.
       (3) On June 23, 2005, the China National Offshore Oil 
     Corporation Limited (CNOOC), announced its intent to acquire 
     Unocal Corporation, in the face of a competing bid for Unocal 
     Corporation from Chevron Corporation.
       (4) The People's Republic of China owns approximately 70 
     percent of CNOOC.
       (5) A significant portion of the CNOOC acquisition is to be 
     financed and heavily subsidized by banks owned by the 
     People's Republic of China.
       (6) Unocal Corporation is based in the United States, and 
     has approximately 1,750,000,000 barrels of oil equivalent, 
     with its core operating areas in Southeast Asia, Alaska, 
     Canada, and the lower 48 States.
       (7) A CNOOC acquisition of Unocal Corporation would result 
     in the strategic assets of Unocal Corporation being 
     preferentially allocated to China by the Chinese Government.
       (8) A Chinese Government acquisition of Unocal Corporation 
     would weaken the ability of the United States to influence 
     the oil and gas supplies of the Nation through companies that 
     must adhere to United States laws.
       (9) As a de facto matter, the Chinese Government would not 
     allow the United States Government or United States investors 
     to acquire a controlling interest in a Chinese energy 
     company.

     SEC. 2. PROHIBITION ON SALE OF UNOCAL TO CNOOC.

       Notwithstanding any other provision of law, the merger, 
     acquisition, or takeover of Unocal Corporation by CNOOC is 
     prohibited.

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