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Oil

This tag is associated with 24 posts

US will send warships to to stop China blocking smaller nations drilling for oil in South China Sea


The United States has accused China of preventing Southeast Asian countries from accessing trillions of dollars worth of untapped oil and gas reserves in the South China Sea as the Pentagon planned to hold its first exercise with regional powers near the strategic region. In a press statement, State Department spokesperson Morgan Ortagus said Thursday … Continue reading

The currency dictatorship and China’s action plan


The last time a country decided to dump the dollar in the oil business, the US destroyed it. Now India, the world’s third largest economy, and Iran have agreed to settle their outstanding oil dues in rupees. What’s more, the two countries may conduct all future trade in their national currencies. This follows an agreement … Continue reading

China building 3 more large deep sea oil rigs to explore for oil in South China Sea


The following is based on a translation of a report in Chinese media: Global Times says in its report yesterday that it took 6 years and 6 billion yuan (USD940 million) for China to build its first homegrown deep sea drilling platform HD-981. The “9” in 981 means drilling ship, “8” means deep water while … Continue reading

Contaminated oil sent to China may be blended and grey marketed to an unsuspecting refinery


Contaminated oil stored at a pipeline terminal in Martinez, California has won rare export approval, and some is headed for China. This is an unusual event since California consumes all the oil it can produce or import. Where will it be used in China? According to the GCaptain shipping site, approximately 1 million gallons of oil … Continue reading

India will not hesitate to use naval power to protect economic interest in South China Sea


India has warned that it is prepared to use force to secure its economic interest in the South China Sea. India has placed allegations that Beijing had deliberately hampered its rival oil and gas exploration efforts. As China and India rise economically, their military muscle is growing as well. Both need energy to keep that … Continue reading

China is bailing out the world’s teetering oil producers – on terms that could cripple them


Oil-exporting nations are facing budget crises, political instability and social upheaval thanks to the cratering of crude oil prices in recent weeks. Enter China. Despite an economic slowdown of its own—which has been a factor in plunging oil prices—Beijing is stumping up billions of dollars in loans to many of these countries, in exchange for what some analysts … Continue reading

China to send 700 combat troops to South Sudan, where civil war has affected China’s investments


China is to send 700 combat troops to South Sudan in what analysts describe as a significant shift from its stated policy of non-interference in African conflicts. The first Chinese infantry battalion to take part in a UN peacekeeping mission will be equipped with drones, armoured carriers, antitank missiles, mortars and other weapons, “completely for … Continue reading

China sends warships to escort oil rig to waters claimed by Japan near Senkaku (Diaoyu) Islands


The following is a translation from Chinese media: China’s qianzhan.com says in its report today that China’s Kaixuan-1 oil rig is on its way to the area near the disputed Diaoyu Islands (known as Senkakus in Japan), accompanied by quite a few Chinese warships. Chinese people are excited at the news. They are happy that … Continue reading

Inside Xi Jinping’s purge of China’s oil mandarins


Oil executive Jiang Jiemin rose to power in Communist China in time-honored fashion: by hitching his star to a mighty mentor. In Jiang’s case, that patron was another oil man, Zhou Yongkang, who went on to become the chief of China’s internal security apparatus and one of the country’s most powerful men. Like Zhou before … Continue reading

Chinese oil rig leaves disputed waters near Vietnam


A Chinese oil rig has left disputed waters near the Paracel islands in the South China Sea, a month earlier than scheduled, and more than two months after its deployment to waters also claimed by Vietnam. China claims to have found signs of oil and gas, the official Chinese Xinhua news agency said. Vietnam’s coastguard … Continue reading

Chinese media says “Vietnam doomed to lose”


The following is translated from Chinese media: Due to instability in the Middle East, China has determined to extract the oil and gas in the disputed waters in the South China Sea. China has the equipment and technology to do that. The problems are what other claimants to the disputed waters will do to stop … Continue reading

China urges peaceful development of seas by all countries, while not following its own advice


China, involved in a growing dispute with its neighbours over the energy-rich South China Sea, wants to promote peaceful development of the oceans, Premier Li Keqiang said, warning conflicts in the past had only brought “disaster for humanity”. China claims almost the entire ocean, rejecting rival claims to parts of it from Vietnam, the Philippines, … Continue reading

China sends four oil rigs to South China Sea amid regional tensions


China has sent four more oil rigs into the South China Sea in a sign that Beijing is stepping up its exploration for oil and gas in the tense region, less than two months after it positioned a giant drilling platform in waters claimed by Vietnam. The announcement comes at a time when many countries … Continue reading

China leads mission to explore South China Sea for oil – 1800 kms from China


China will lead an expedition into the South China Sea, 80 kilometres off the coast of Malaysia and 1,800 kilometres from the Chinese mainland – territory China claims as it’s own. The first scientific ocean drilling expedition led and sponsored by China sails from Hong Kong tomorrow into the South China Sea – the subject … Continue reading

China ups Venezuelan oil investments, but refuses Chavista leaders’ plea for a cash bailout


Back in April, Brazil’s Folha de SaoPaulo ran an article entitled: “The Future of Venezuela Depends on China“ and highlighted this quote:  Translation: “If Maduzo wins, he’ll have to regain the confidence of the Chinese.” – TOM O’DONNELL, petroleum consultant Indeed, it is now clear that the short-term strategy of the post-Chavez Maduro-Cabello administration was to escape the country’s severe dollar crisis … Continue reading

Venezuela’s PDVSA Post-Chávez: Will partnerships with the private sector and Chinese experts boost oil production?


Throughout 2012, and especially after President Hugo Chávez’ death in early March 2013, Venezuela’s national oil firm, Petróleos de Venezuela S.A. (PDVSA), has taken measures beyond anything done in the past decade to raise its lagging production. While the likely impact merits cautious analysis, the drivers of the Bolivarian Republic’s scramble for increased oil revenues … Continue reading

EU competing with China in Latin America


German Chancellor Angela Merkel and other EU leaders have become increasingly concerned that China’s continued rise in Latin America could squeeze out European business. China has not only increased the quantity of its exports to Latin America, but also used its economic resources to expand into the high-tech market, long considered German industry’s strong suit. … Continue reading

China: Iraq oil production booming, Venezuela lagging


The New York Times had an interesting article: ”China is reaping biggest benefits of Iraqi oil boom” on June 2, 2013.  The question that comes to mind is … Why is Chinese production in Iraq booming, and in Venezuela lagging? As late as 2007 and 2008, China clearly intended its investments in Venezuela to be its … Continue reading

US war against Iraq is paying off – for China


Remember the US government assurance that the Iraq War would pay for itself, once those oil revenues began gushing forth from a liberated Iraq? A decade later, the Iraq War is paying – for China. “We lost out,” said Michael Makovsky, a former Defence Department official in the Bush administration. “The Chinese had nothing to do with … Continue reading

China loses out as Canada joins US in halting oil pipeline construction


British Columbia, the Canadian province whose official slogan to its own beauty is “Super, Natural,” is invoking another saying: “No more supertankers.” That’s potentially big trouble in a nation where oil exports amount to $73 billion annually and the industry employs more than 550,000 workers. It’s also a bad omen for nations, notably China, that have invested billions … Continue reading

China’s expanding horizons under Xi Jinping


Fresh from his “surprise” election as president of China last week, Xi Jinping is about to set off on his first foreign trip. Later this week, he will travel to Moscow. The choice is a traditional one, and redolent of the Cold War, when Russia and China were the twin pillars of the Communist world. Back then, China … Continue reading

Door opens for China’s massive takeover of overseas assets


Seeing its $3 trillion foreign exchange reserve dropping in value due to falling US dollar exchange rate, China is anxiously looking for opportunities to take over profitable foreign assets. CNOOC’s takeover of Nexen is China’s first success in purchasing substantial foreign assets. Encouraged by the success, China will further intensify its efforts to buy foreign assets. … Continue reading

China’s narrow focus on oil in South Sudan won’t work says U.S. envoy


China needs to move beyond a narrow focus on oil issues in South Sudan and help tackle that country’s larger political disputes with Sudan, the outgoing U.S. special envoy to the two African states said on Wednesday. Ambassador Princeton Lyman said he had worked closely with Chinese officials for more than two years, during which … Continue reading

The Sudans put China in a policy bind


When one of your big oil suppliers splits into rival states, that’s a problem for any country. When you’re China, with its huge appetite for energy and a tradition of never wanting to take sides, it becomes a foreign policy migraine. China’s balancing act between South Sudan and Sudan will take centre stage when the … Continue reading

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