mr. speaker , i thank the gentleman for yielding me this time . 
mr. speaker , i rise in strong support of this resolution , and i am proud to be one of the original cosponsors . 
i would like to point out a couple of problems with the proposed transaction . 
number one , if unocal was trying to buy the chinese national offshore oil company , they could not do it , because chinese law does not allow a foreign company to have a controlling interest in a company in china . 
that is one problem . 
number two , cnooc is a front company for the communist chinese government . 
seventy percent of the equity in the company is owned by the communist chinese government . 
the money that is going to be used to buy unocal comes from the communist government in the form of a loan . 
this loan almost doubles the total amount of debt ; in fact , it over-doubles the total amount of debt that the company currently has . 
number three , if we wanted to sell our products in china , under current law , that probably would not be allowed . 
so i am in strong support of this resolution . 
i chair the committee that has jurisdiction over the committee on foreign investment of the united states , cfius , and i plan to hold a hearing on this when we get back sometime in the very near future , after the july fourth recess . 
there is no reason that we can not find a buyer for unocal that meets all of the tests that a company in the united states would have to meet . 
so i am in strong support of this resolution , and i hope all members of the house of representatives will support it . 
