CNOOC vows to honor environmental commitments<\/p>\n
Tim Molloy, Associated Press\/Los Angeles<\/p>\n
A spokesman for China's state-owned CNOOC Ltd. pledged that the
\ncompany would uphold environmental and worker protection
\ncommitments if the company's bid for Unocal Corp. is successful.<\/p>\n
The comment came in response to a letter on Wednesday from
\nstate attorneys general in California, Texas, Montana and New
\nMexico that expressed concern about CNOOC's US$18.5 billion
\ntakeover bid last month for the El Segundo-based oil company.<\/p>\n
Their letter pressed Unocal President Joseph Bryant for
\ndetails on whether Unocal would uphold promises to clean up
\nseveral polluted sites in the four states. They also asked for
\nassurances that retired Unocal employees would not lose their
\npensions or health care plans.<\/p>\n
CNOOC spokesman Mark Palmer said in an interview on Wednesday
\nthat the attorneys general should not be concerned.<\/p>\n
"CNOOC would be honored to abide by all of the laws of the
\nUnited States and the states in which it would have operations
\nwere its offer for Unocal to be accepted, and that includes,
\ncertainly, environmental and worker protection laws," Palmer
\nsaid.<\/p>\n
Tom Dresslar, a spokesman for California Attorney General Bill
\nLockyer, said CNOOC's statement was no guarantee it would meet
\nUnocal's commitments.<\/p>\n
"It's better than telling us to take a hike," he said, but
\nadded, "There's a difference between promising to obey state and
\nfederal law and providing assurances that the obligations to
\nclean up contaminated sites are fulfilled."<\/p>\n
Unocal spokesman Mike Thacher said he did not know if the
\ncompany had officially received the letter and could not commit
\non it.<\/p>\n
The letter from the attorneys general said Unocal has
\nestimated the cost of fulfilling its environmental cleanup
\nresponsibilities at $771 million.<\/p>\n
American politicians have warned that CNOOC's effort could
\npose risks to U.S. national security and called for a full review
\nby the Bush administration. The Chinese company's officials have
\nwelcomed a security review and denied that CNOOC was acting on
\nbehalf of China's government, which is in the midst of a
\nmultibillion-dollar campaign to secure foreign oil and gas
\nsupplies to power its booming economy.<\/p>\n
CNOOC is bidding against San Ramon, California-based Chevron
\nCorp. for Unocal, the ninth-largest U.S. oil and gas firm. The
\nChinese firm has argued that its offer is more generous for
\nUnocal shareholders and would result in fewer job losses.<\/p>",
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