Chinese Oil Giant Rolls Out Ad Campaign in Unocal Quest
Posted on: Wednesday, 13 July 2005, 18:00 CDT
WASHINGTON (AP) -- With a hearing in Congress today to discuss the national security implications of a Chinese oil company's bid for Unocal Corp., Hong Kong-based CNOOC Ltd. is rolling out an advertising campaign aimed at abating the fears of Washington insiders.
The print ads, which will appear in publications such as Congressional Quarterly, National Journal and Roll Call, among others, stress what CNOOC believes are "the facts" behind its $18.5 billion cash offer for Unocal, which already has a tentative agreement to be bought for $16 billion-plus by Chevron Corp.
In one ad, snippets from various newspaper articles and editorials are used to back up CNOOC's claims that its proposed takeover of Unocal does not pose threats to America's energy or national security.
In another, a man dressed in a home-plate umpire's uniform stands beneath the words, "I don't call it until I've seen it," and it implores readers to "learn the facts" before forming an opinion of the deal. The ad mentions CNOOC's previous pledges to protect the jobs of Unocal's American-based work force as well as its promise to keep the California-based company's oil in the U.S.
The House Armed Services Committee plans a hearing today on the proposed deal.
Members of Congress have complained that CNOOC's bid for Unocal is part of a broader strategy by communist China to hoard energy supplies before they run out. Another concern is that the United States might unintentionally hand over technology or assets that have military value.
The House registered its discomfort last month by approving a resolution that asks the president for an immediate and thorough review if Unocal accepts CNOOC's offer.
On Tuesday, two senators asked U.S. Secretary of Commerce Carlos Gutierrez and Trade Representative Robert Portman to look into whether Beijing's financial backing of the deal violates World Trade Organization rules.
Source: Columbian
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