Reuters: Politics: Schumer to ask U.S. to block CNOOC-Nexen deal unless China makes changes

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Schumer to ask U.S. to block CNOOC-Nexen deal unless China makes changes Jul 27th 2012, 01:28 Tweet Share this Email Print Related News Insight: China's CNOOC scoped Nexen, partnered, then pounced Wed, Jul 25 2012 CNOOC to buy Nexen for $15.1 billion in China's largest foreign deal Tue, Jul 24 2012 The Nexen building is seen in downtown Calgary, Alberta, July 23, 2012. Credit: Reuters/Todd Korol WASHINGTON | Thu Jul 26, 2012 9:28pm EDT WASHINGTON (Reuters) - The U.S. government should block a bid by China's state oil company CNOOC for Canadian oil company Nexen until China's government provides "tangible, enforceable commitments" to ensure U.S. companies receive fair treatment when making investments in China, Democratic U.S. Senator Charles Schumer said. Schumer, the Senate's No. 3 Democrat and a frequent critic of China's trade and currency policy, said the deal gives the U.S. government a good opportunity to hold China accountable for promises it has made to improve market access for U.S. companies. "I respectfully urge you, in your capacity as chairman of the Committee on Foreign Investment in the United States (CFIUS), to withhold approval of this transaction until China's government has made tangible, enforceable commitments to ensure U.S. companies reciprocal treatment," Schumer said in a draft letter to Treasury Secretary Timothy Geithner, to be sent on Friday. (Reporting by Roberta Rampton; Editing by Eric Beech) Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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