"If they want to invest in our oil and gas sector, I can't imagine we would have any objections," Alan Hegburg, Deputy Assistant Secretary in the Department of Energy, told Reuters at an oil conference in Cape Town, South Africa.

This statement is sure to prove controversial as U.S. politicians voted against a takeover bid by China National Offshore Oil Company for Unocal in 2005. At that time, "national security concerns" were cited as the main reason for opposing the  USD18.5 bn bid.

Meanwhile, Beijing has increased its fuel prices for the second time since summer. Petrol and diesel prices have been raised by RMB200 and RMB290 per tonne respectively, the Beijing Municipal Commission of Development and Reform said.

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Last update : 09-10-2008

Keywords : CNOOC, Oil, Gas, Investment, Resources

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