China criticizes legislative opposition to Unocal bid

China criticizes legislative opposition to Unocal bid

[JURIST] The Chinese Foreign Ministry said in a statement Monday that the US Congress should "correct its mistaken ways" and "stop interfering in the normal commercial exchanges" between the two nations in response to House objections [BBC report] to a $18.5 billion bid [JURIST report] by the China National Offshore Oil Company Ltd. (CNOOC) [official website] to purchase US oil giant Unocal [corporate website]. The CEO of CNOOC defended the bid [UPI report], and said China has no plans to hoard oil and natural gas. Others simply see the move as part of a larger plan for increased US investment [Reuters report] by China, similar to Japanese investments [Chicago Tribune report] in the 70s and 80s. The Washington Post has more.