Maybe true; maybe not...when push comes to shove and there is truly a shortage. Or a war.
The Chinese govenment/military should not be given command and control of the routing of such a huge amount of oil.
We shouldn't ever have allowed panama to use China to manage the canal either. Won't ever deny the U.S. use to ti. Will just destroy the locks in the event of a war/conflict with the U.S.
If China is going to go to the length of invading Burma or Thailand to get at the gas assets of Unocal out of necessity brought on by a war, I doubt that the minor point of who owns the assets will matter to them.