CNN: Bush expects review of China oil bid

Excerpt: The Bush administration expects an appropriate national and economic security review if China's CNOOC Ltd. is the winning bidder for Unocal Corp., a White House spokesman said Monday, while CNOOC vowed to keep U.S. jobs if it should acquire the oil company.

"There are procedures in place, and if a bid goes through then we would expect the appropriate procedures to be followed," White House spokesman Scott McClellan said.

He said the White House was following the issue closely.

Such transactions are typically reviewed by the Committee on Foreign Investment in the United States, which determines whether a deal in which a foreign company buying an American company poses risks to national or economic security.

CNOOC offered $18.5 billion in cash last week to acquire the U.S.-based Unocal (up $0.29 to $65.97, Research), a richer bid than the $16-billion plus cash and stock offer it already has accepted from Chevron Corp. (up $0.37 to $57.06, Research) Chevron is pushing for an August vote on its offer.