CNN Money: China - The new Big Oil

5:07 PM Posted by Baris Sanli
A brief info about Chinese involvement as a global player in oil sector
  • Russia : $10 billion loan the Chinese government extended to Russia's Rosneft in exchange for a guaranteed cut of that company's production
  • Brazil: With Petrobras, arranging a similar deal with the firm that is developing a huge new offshore field - one of the biggest new discoveries in decades.
  • Argentina: China National Petroleum Corporation is interested in buying all or a part of Argentina's YPF for $14.5 billion, although a deal is far from certain
  • Angola: CNOOC and Sinopec are buying a $1.3 billion stake in offshore Angolan development rights from American oil firm Marathon.
  • Iraq: China National Petroleum Corporation will take the majority stake in Iraq's Rumaila oilfield from BP (BP). Rumaila produces over 1 million barrels a day, and is Iraq's biggest oil field.
Also some comparisons "China National Petroleum Corporation's daily oil production is already roughly equivalent to Exxon's. And PetroChina at one point had a market capitalization twice Exxon's" but "Complex operations - like deep water drilling or liquefying natural gas, are still the domain of the Western oil firms." however : "given their need to develop those deep-water leases off Angola, the Chinese are bound to gain the technical know-how that will put them on-par with the best western firms"

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