CNOOC beats a retreat<\/p>\n
Mainland China's state-owned China National Offshore Oil Corp.
\n(CNOOC) threw in the towel this week in its bidding war with
\nChevron for Unocal, the ninth largest American oil company.<\/p>\n
It's not because Chevron was the higher bidder. In fact,
\nCNOOC's US$18.5 billion offer for Unocal was much higher. The
\nreason for CNOOC's withdrawal was purely political, as
\nCongressional China-bashers have invoked \"national security\" to
\nblock the commercial deal.<\/p>\n
The irony in the high-profile acquisition drama is the Beijing
\nlooked more capitalistic than Washington, which refused to play
\nby the rules of capitalism.<\/p>\n
Where is America's market economy? Where is the principle of
\nfree trade? Nowhere. It is politics uber alles.<\/p>\n
The debacle of CNOOC, however, may not thwart its plan to
\nacquire oil resources in other parts of the world, and that may
\nprove a greater \"threat\" to America's security. Remember Chinese
\npresident Hu Jintao's visits to Russia, Africa and Latin America?
\nSee how close Beijing is getting to Tehran? Among other things,
\nHu had oil in mind.<\/p>\n
Suffering a staggering blow beneath the belt, Beijing may not
\nturn the other cheek. The smile on Capitol Hill is no cause for
\njoy.
\n-- The China Post, Taipei<\/p>",
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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