Kuros
Joined: 27 Apr 2004
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 Posted: Mon May 18, 2009 6:31 pm Post subject: China Inherits the Earth (that's where the oil is) |
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Brazil turns to China to finance oil exploration
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[T]he 200,000 barrels per day that Brazil has promised amounts to a whopping 2.5% of their daily need. China is ranked second in oil consumption, still far exceeded by the U.S. at around 20 million barrels per day. |
Lovely.
And this isn't just about Brazil, either. In Australia . . .
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[A] rash of Chinese companies snapping up stakes in Australian mining enterprises in response to tumbling share and commodity prices, has provoked a popular backlash. To the mining companies, the colour of China�s money is dazzling. But, though the Chinese onslaught looks fractious and pell-mell, conspiracy theorists smell a state-driven attack on the commanding heights of Australia�s economy. They have succeeded in whipping up an anti-China mood. In March Australia blocked China Minmetals� acquisition of OZ Minerals, a copper and gold producer, on security grounds. A ruling over an even bigger deal is pending, having been delayed until mid-June. This will cover the $19.5 billion bid by Chinalco, an aluminium company, for nearly 20% of cash-strapped Rio Tinto. |
I've got more links but those will do for now. |
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