WASHINGTON, July 26: US lawmakers on Tuesday agreed the text of a legal measure that would delay any Chinese takeover of US oil firm Unocal Corp. by four months, a step that could jeopardise the bid, officials said. Members of the House of Representatives and Senate hammered out a compromise amendment that would postpone the start of a formal US government review of the bid by China National Offshore Oil Corp. (CNOOC).
The amendment tabled by Republican Congressman Richard Pombo now goes into a long-awaited US energy bill, which has be voted upon by Friday if it is to pass before Congress breaks for its summer recess. It would require the departments of defence and energy, along with other federal agencies, to take 120 days “to conduct a study on the implications of growing Chinese energy consumption before any Chinese takeover of US energy assets can continue”, House energy committee spokeswoman Jennifer Zuccarelli said.—AFP
