Chinese-owned company seeks U.S. review of Unocal bid

NEW YORK — State-owned Chinese oil company CNOOC Ltd. said Friday it filed notice with a high-level U.S. committee requesting a review of its proposed $18.5 billion cash offer for Unocal Corp., which is mulling a competing $16.6 billion offer from Chevron Corp.

CNOOC filed notice with the Committee on Foreign Investment in the United States. Under the committee’s regulations, Unocal will have seven days to respond to its questions about the proposed merger, the company said.

CNOOC said it was “confident” it would obtain clearance from the committee once the review is underway, and looked forward to explaining the deal in more detail.

The Committee on Foreign Investment was created to monitor foreign investment activity in the United States with an eye on protecting national security.

Led by the Secretary of the Treasury, the committee’s 12 members include the secretaries of state, defense, and commerce, the attorney general, the director of the office of management and budget, the U.S. trade representative, and the chairman of the council of economic advisers.

CNOOC launched an unsolicited offer to acquire Unocal in late June.

However, CNOOC’s proposal has faced intense scrutiny from lawmakers over national security and other concerns.