Word: cnooc
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...JINTAO Nigeria During Hu's visit this April, the former British colony granted China four oil-drilling licenses while China offered $4 billion in infrastructure assistance. China National Offshore Oil Corporation (CNOOC) invested $2.3 billion in an oil field the week before Hu's visit, its largest ever overseas acquisition...
...Kenya In Nairobi, Hu helped CNOOC secure oil-exploration rights to more than 115,000 sq km of the Indian Ocean. China will bestow $7.5 million in aid and grants for malaria medicine, rice and a sports stadium...
...Mittal may have spurred protectionist talk from some European politicians, but at least his bid for Arcelor cannot be dismissed on the grounds that he is merely a stalking horse for his home nation's government. Yet that (and with reason) was the fate of the Chinese oil company cnooc, when it tried to buy the U.S. firm Unocal last year. The cheerleaders for China - and oh, how many there were at Davos - might occasionally reflect that its economic policy is still directed by a government proud to call itself Communist. It is still far from clear - now here...
...China watchers are expecting a wave of such transactions, as the nation tries to create its own brands. Already, Chinese firms have bought IBM's personal computer business and the television company that owns the RCA brand. But some attempts to grow internationally have run into huge obstacles, including cnooc 's thwarted attempt to acquire the U.S. oil company Unocal last year. And even though India has a pool of technology talent, it scores poorly for the quality of its education in general. Concludes Harvard's Professor Porter: "Both will be good value over the next two to three years...
...needs to buy oil without having to worry about the U.S. - the world's largest consumer of oil - working at cross purposes. That includes in places like Saudi Arabia, Washington's long-time ally, and even in the U.S. itself - where a political uproar last year deterred China's cnooc from buying Unocal. Beijing, in short, could drive a hard bargain in return for its acquiescence on sanctions. So what will Hu do? The conventional view is that China will never endorse serious economic measures against Iran because it needs oil and gas too badly. China has blocked Council action...