Mr. Fu Chengyu, chairman and CEO of China's CNOOC Ltd. oil company, wrote an op-ed asking "Why Is America Worried?" about CNOOC's bid to buy Unocal. In the article he explains in great detail how the Chinese company will pay handsomly for Unocal, keep jobs and oil in America, and take prudent measures to avoid control of critical oil infrastructure.

Our company has grown shareholder value from a market cap of $6 billion when it listed four years ago, to $25 billion today. I will continue to focus on bringing value to CNOOC shareholders and am convinced that the acquisition of Unocal can help us. I will also be focused on providing our better offer for Unocal shareholders, on bringing oil and jobs to the United States, and on our assurances that we will be an open and responsible participant in the process.

An increase of more than 400% in four years is certainly attractive, but the bottom line is that CNOOC is a Chinese company that's ultimately controlled by the communist Chinese government. China is not our friend, and they don't pretend to be.



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