NYT: China Ups the Ante in Its Bid for Oil

[DeepModem Mom]

China Ups the Ante in Its Bid for Oil
By KEITH BRADSHER and CHRISTOPHER PALA
Published: August 23, 2005


HONG KONG, Aug. 22 - One of China's state-owned oil companies may still be smarting from its failure to acquire Unocal this summer. But another Chinese oil giant showed on Monday that this country is still snapping up assets to satisfy its hunger for energy.

China's biggest state-owned oil company, the China National Petroleum Corporation, announced on Monday that it would pay $4.18 billion for a Canadian oil company with shares traded in New York and substantial reserves in Kazakhstan.

It is China's largest foreign acquisition yet, and more than twice what a Chinese computer company paid for I.B.M.'s personal computer business.

China National Petroleum outbid India's state-owned Oil and Natural Gas Corporation in reaching a deal to acquire PetroKazakhstan, and it is not clear whether the Indian company will step up with a counterbid. Still, the process underlines the growing competition for oil resources by the world's two most populous countries, each of which is rapidly increasing oil imports.

Monday's transaction shows that the great game, once a competition between imperial Russia and Britain for influence in Central Asia, lives on with new players, as China increasingly challenges Russia and the United States for access to the region's energy riches....


http://www.nytimes.com/2005/08/23/business/worldbusiness/23oil.html

[orpupilofnature57]

1. Occidental attitude in action!!! I'm a christian but woo, them Buddhist's

are tough.Remember when trickie Dick visited the great wall?Remember when he decided to change oil prices from a set $12.00 a barrel to what we have today.Common looking elitists like trickie, adolf and shrub, complicate the world with their simple solution's.