China prepares to buy up foreign oil companies

[LongTomH]

Source: Telegraph.co.uk

A conference of officials from the National Energy Administration has agreed to consider establishing a special fund for China's state-owned companies to buy oil and gas firms overseas. The beneficiaries would be the Beijing's three giant energy companies - Petrochina, Sinopec and CNOOC.

"Firms will be able to benefit from low-interest loans and, in some cases, direct capital injections," according to China Petroleum Daily.

This state money would be used to fund takeovers or mergers with resource companies abroad. Which foreign firms, if any, have been identified for takeover has not been disclosed. But the dramatic fall in oil prices since last summer, and the strains caused by recession, have driven down the share prices of many energy companies, making them more affordable targets for predatory competitors.

Read more: http://www.telegraph.co.uk/finance/newsbysector/energy/4781037/China-prepares-to-buy-up-foreign-oil-companies.html

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China seems to be preparing to put a lock on the world's energy resources in a race with Western countries.

[Deja Q]

1. Let me know when Rush Limbaugh bitches about this on his morning entertainment program

[FarCenter]

2. A hundred years ago, Standard, British Petroleum and Shell had a lock on oil

Germany and Japan failed to break the Anglo-American oil monopoly.

[Deja Q]

3. How will Jabba's offspring, currently running Exxon, deal with this turn of events?

Methinks he won't be smiling for much longer? "His corporate buddies helped empower America's nemesis". Or something to that effect because we're not really about "globalization" and all that. Or are we? For every article that says globalization is great comes another article that rather implies the opposite.

Fuck the media.








And not in the good way.

[jwirr]

4. We are still empowering them with every purchase we make that is

made in China.

[Arctic Dave]

5. Sounds like Chavez will be having some visitors.

Oh wait, only the US has the ability to refine their crude. Or not.

[The abyss]

7. Very good question!

I wish I knew the answer to that one. Years back I worked for a small engineering company that relied on the bread & butter of the petroleum companies. They specialized in “studies”, pipe line studies, market studies, supply studies. One of my tasks was tracking battery configuration work in the lower 48. Cat cracker up, cat cracker down, who was reconfiguring for what and when. Rating plates – oh wow, how they would fudge those numbers. I used to do an analysis trying to do a balance using the PDD data compared against our regular monthly data rape. Talk about a bunch of bogus data!

Anyone got this stuff? Just who is set to refine what from whom??

[Arctic Dave]

8. I would guess like everything else, the Chinese have

the ability to make their own catcracker/unifiners. I know what you mean by fudging the numbers. The refiners wouldn't want to pay extra royalties. I mean after all, the oil companies would never lie. Cross their hearts and stuff.

Edit wrong piece of equipment.

[Ghost Dog]

6. You know, something tells me this cube is moving...

fast.

[Kip Humphrey]

9. Because its share price is down around BP's, Shell is the vulnerable puppy right now.