Economy

xchrom

(108,903 posts)

12. The Chinese Make An Offer For North Sea Oil That Britain Can't Refuse

Mon Jul 30, 2012, 08:50 AM

Jul 2012

http://www.businessinsider.com/the-chinese-are-making-an-offer-for-north-sea-oil-that-britain-cannot-refuse-2012-7

History is being made in the North Sea, as China makes its first significant investment in its oilfields through two major deals.
State-controlled energy giant CNOOC last Monday unveiled a $15.1bn (£9.7bn) bid for Canada’s Nexen, the second biggest oil producer in the North Sea. If successful, the takeover will be China’s largest ever foreign investment.
That same day, Chinese refiner Sinopec said it would pay $1.5bn for a 49pc stake in the UK unit of Canada’s Talisman Energy, also a top 10 oil and gas producer in the North Sea.
Given the sums, no surprise that the cry from oil industry analyst Malcolm Graham-Wood at VSA Capital was: “The Chinese are coming with their wall of money!”

Read more: http://www.businessinsider.com/the-chinese-are-making-an-offer-for-north-sea-oil-that-britain-cannot-refuse-2012-7#ixzz226rsnHn0

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