Word: petroleum
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Dates: during 2000-2009
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...offer to exclude a valuable gold and copper mine. And Libya exercised its option to buy Venerex Energy, a producer based in Calgary, Canada, whose biggest asset is an oil and gas field 100 miles (160 km) southwest of Tripoli. That thwarted a $390 million bid that China National Petroleum Corp. had made to acquire Venerex. Beijing hasn't done itself any favors either. It blocked--on antitrust grounds that analysts considered flimsy--a bid by Coca-Cola to buy a large, privately owned fruit-juice producer in China. "It gives [foreign] governments ammunition to use against Chinese acquisitions that...
...Chinese are not likely to be deterred, because the opportunity to buy energy and minerals this inexpensively may be historic. That's why the China Development Bank and China Petroleum & Oil Corp. last month invested $10 billion in Petrobras, Brazil's state-owned oil company and the prime operator of one of the most promising new offshore fields in the world. The deal gives Petrobras capital to further develop the field. In return, China will get 100,000 bbl. to 160,000 bbl. a day for more than 20 years. And just before the Brazilian deal, Beijing agreed to lend...
Both countries are hugely dependent on the petroleum deliveries that course through the Gulf of Aden and Strait of Hormuz to their ports. Defending those supplies is one reason both are building bigger and bigger navies. China's navy, with more than 300 ships, may in fact soon surpass the U.S.'s as the world's largest. Beijing is certainly sparing little to stock its ships with armaments. India, in the meantime, is acquiring several nuclear-powered submarines to augment its 155 military vessels in the ocean that bears its name...
...significant burden on local banks, who have turned to the U.A.E. government for help shoring up their liquidity. To date, approximately $15 billion of federal money has been pumped into local banks. Company buyouts financed by Abu Dhabi - the capital of the U.A.E. and the only emirate with petroleum wealth - are believed to be forthcoming, though no officials will discuss details. "Any bailout from Abu Dhabi will come very privately," says Christopher Davidson, author of Dubai: The Vulnerability of Success. "Abu Dhabi doesn't want the Dubai brand to suffer, even if Dubai has disgraced itself with its economic planning...
...Secretary of the Interior Ken Salazar has indicated that he will review oil and gas leases for Arctic waters, and for now, the sudden drop in the price of oil has blunted some of the impetus to drill. Although Salazar is in no rush to go fishing for petroleum, as soon as the world economy recovers, so will demand for oil and the pressure to drill offshore in Alaska. And that pressure will surely only grow as climate change causes the Arctic ice to recede. But that is precisely the lesson that must be remembered from the Exxon Valdez: that...