Chevron accused on CNOOC bid for Unocal
There are potential conflict-of-interest issues arising over the vocal opposition among US politicians to China National Offshore Oil Corporation’s bid to purchase Unocal for $18.5 billion.
There are reports that over half of the members of Congress who have signed a letter of opposition to the sale have received campaign contributions in the past from Chevron, which is also bidding to buy the California-based energy company.
That letter raises the possibility that a sale of Unocal to CNOOC poses a threat to US national security.
An earlier letter raising concerns about the CNOOC bid to president George W. Bush was written by a Republican congressman who has received $13,500 in contributions from Chevron, according to the Center for Responsive Politics.
An individual close to the CNOOC bid has charged that Chevron is orchestrating opposition to the Chinese bid because it is less expensive to raise political questions about the deal than it is to raise its own bid.
Sources close to Chevron, however, have denied those charges and have reiterated Chevron’s belief that its bid is the superior offer.
One of the claims of opponents to CNOOC’s bid is that the purchase of Unocal would give China access to technology that could be put to military use.
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