ECONOMICS REPORT - U.S. Officials Study Chinese Offer for Am
ECONOMICS REPORT - U.S. Officials Study Chinese Offer for American Oil Company Unocal
By Mario Ritter
Broadcast: Friday, July 15, 2005
I'm Barbara Klein with the VOA Special English Economics Report.
The Committee on Foreign Investment in the United States is small but important. Twelve government officials serve on the committee, known as CFIUS (SIH-fee-us). They investigate business deals that could affect national security. A current issue involves an offer by a Chinese oil company to buy an American one, Unocal.
In April, another American oil company, Chevron 1, offered Unocal shareholders 2 a deal worth almost seventeen thousand million dollars. In June, however, CNOOC (SEE-nook) Limited of Hong Kong offered eighteen and one-half thousand million dollars. And an agreement to increase that offer has just been reported.
Unocal is based in California. But the Chinese company notes that about seventy percent of Unocal's currently proven oil and gas supplies are in Asia and the Caspian area. In its words: "CNOOC Limited believes that the combined company would have a leading position in the Asian energy market."
But CNOOC Limited is seventy percent owned by the China National Offshore 3 Oil Corporation, which is owned by the Chinese government.
Congress is investigating the proposed merger 4 with Unocal. The House of Representatives calls it a threat to national security.
On July first, CNOOC Limited requested approval from the Committee on Foreign Investment in the United States.
The secretary of the Treasury 5 leads the committee. Included are officials from government agencies, along with presidential advisers 6 on economic policy and national security.
President Gerald Ford 7 established the committee in nineteen seventy-five. Its job was mainly just to study the effects of foreign investments. But, as a result of changes in law in nineteen eighty-eight, its duties expanded to include national security issues.
The committee reports to the president, who then must inform Congress of a decision. By law, the process must all take place within ninety days.
Since nineteen eighty-eight, only one foreign deal has been blocked completely. That year, a Chinese aircraft company had to sell its interest in an American maker 8 of airplane parts.
Unocal shareholders are to vote on Chevron's offer on August tenth. But Chevron has given Unocal officials permission to talk with CNOOC Limited.
This VOA Special English Economics Report was written by Mario Ritter. I'm Barbara Klein.
- He wore shoulderstrap rank slides with sergeant's chevrons.他佩戴标示级别的肩章，上面有中士的V形标志。
- The chevron or arrow road sign indicates a sharp bend to the left or right.V形或箭头路标表示有向左或向右的急转弯。
- The meeting was attended by 90% of shareholders. 90%的股东出席了会议。
- the company's fiduciary duty to its shareholders 公司对股东负有的受托责任
- A big program of oil exploration has begun offshore.一个大规模的石油勘探计划正在近海展开。
- A gentle current carried them slowly offshore.和缓的潮流慢慢地把他们带离了海岸。
- Acceptance of the offer is the first step to a merger.对这项提议的赞同是合并的第一步。
- Shareholders will be voting on the merger of the companies.股东们将投票表决公司合并问题。
- The Treasury was opposed in principle to the proposals.财政部原则上反对这些提案。
- This book is a treasury of useful information.这本书是有价值的信息宝库。
- a member of the President's favoured circle of advisers 总统宠爱的顾问班子中的一员
- She withdrew to confer with her advisers before announcing a decision. 她先去请教顾问然后再宣布决定。
- They were guarding the bridge,so we forded the river.他们驻守在那座桥上，所以我们只能涉水过河。
- If you decide to ford a stream,be extremely careful.如果已决定要涉过小溪，必须极度小心。