Word: petroleum
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Dates: during 2000-2009
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...August, China signed a $41 billion contract to buy liquefied natural gas over the next 20 years from Australia. Last month, China's state-owned China National Offshore Oil Corp (CNOOC) entered talks with Nigeria to buy as much as one-sixth of the West African nation's proven petroleum reserves, the Financial Times reported. This week, Guinea's junta announced a $7 billion mining deal with an unnamed Chinese company, which human-rights activists say could prop up a government implicated in a mass killing of demonstrators in September...
...risk that people will just throw up their hands? I was worried that the results of my adventure into the heart of the energy crisis would be despair and defeat. In fact, I ended up feeling overwhelmingly optimistic. We figured out 7 trillion different applications for natural gas and petroleum. If we could do that, then we can certainly figure out a way to undo the problem. It was ingenuity that got us into this mess and it's ingenuity that will...
...latest indication that Citi is for sale came on Oct. 9. The bank sold its Phibro commodities-trading unit to energy and chemical giant Occidental Petroleum. Oxy Pete will pay $250 million for the unit, which specializes in oil and gas trading. Phibro is not a huge business for Citigroup. But it was one of the few businesses that continued to make money for the giant bank during the credit crisis. Phibro and Citi's global payment-processing business have long been seen as two areas in which the bank outperforms its competitors. Now one of Citi's profit jewels...
...exception is Occidental Petroleum. In 1983 the energy and chemicals giant, then No. 14 on the Fortune 500, became the first large company to toss its pension and switch to a defined-contribution 401(k)-type system. That was at least a decade before most other large companies made a similar switch, which makes the experience of Oxy Pete and its employees an ideal window...
Ristenpart said he believes that the practical applications will extend beyond the petroleum industry...