China was allowing U.S. firms to invest in oil and gas developments in its own domestic sector
The United States would welcome Chinese investments in its oil and gas sector, an official with the U.S. department of energy said on Wednesday.
"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, told on the sidelines of an oil conference in Cape Town.
Hegburg noted that China, which is hungry to secure natural resources for its growing economy, was allowing U.S. firms to invest in oil and gas developments in its own domestic sector.
Chinese investment in the United States became a politically charged issue in 2005 when U.S. politicians scuttled a bid by the state-owned China National Offshore Oil Company Ltd. (CNOOC) for California-based Unocal Corp.
The United States cited national security concerns as the main reason for opposing the unsolicited $18.5 billion bid by China's top offshore oil and gas producer, which topped an earlier offer by U.S. Chevron Corp..
Chevron ultimately won the bidding war for Unocal, which was prized for its assets in Central Asia.