Markey Presses Geithner To Block China-Nexen Oil Deal

Law360, New York (July 30, 2012, 9:49 PM EDT) -- Rep. Ed Markey, D-Mass., on Monday pressed Treasury Secretary Timothy Geithner to block China National Offshore Oil Corp.’s planned buyout of Canadian oil company Nexen Inc. until the companies agree to pay the U.S. royalties on oil drilled offshore.

In a letter to Geithner, Markey said the $15 billion deal, announced just last week, would cheat Americans out of lucrative royalties by allowing the state-owned CNOOC to drill for free on U.S. soil. Markey is the second U.S. lawmaker to call for more scrutiny of the...
To view the full article, register now.