China - China makes another HUGE energy investment

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China makes another HUGE energy investment

Tuesday, September 29, 2009
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From 24/7 Wall Street:

China has made aggressive investments in oil production facilities and fields in Venezuela, Brazil, and several places in the Middle East. Almost all its multi-billion dollar deals are aimed at locking up supply to accomodate its ravenous need for energy which fuels is rapidly expanding economy. Many of its recent transaction guarantee crude at market prices.

The most substantial China investment to date is a plan to buy one-sixth of the reserves of Nigeria which is a poor nation with abundant supplies of crude.

According to the FT, “The overall value of the Chinese offer is not disclosed, although some details suggest a figure of about $30bn. Some oil sector executives said the total on the table was $50bn.”

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Topics:		China \| Energy \| Commodities

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