Word: crude
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Dates: during 2000-2009
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...move that may be even more important to the long-term interests of the mainland, the China Development Bank agreed to loan Brazil's oil giant Petrobras (PBR) $10 billion for exploration projects. The South American oil company also apparently agreed to sell China-controlled oil company Sinopec (SNP) crude supplies for the balance of the year. It does not take detective work to come to the conclusion that the two arrangements were related. In late 2007, Petrobras said it had discovered new fields far off its coast that contain as much as 8 billion barrels...
...Five Centuries of the Pillage of a Continent - and you know why the left-wing, anti-U.S. Chávez would present it to a U.S. President. The book's thesis is that Spain, then Britain, the U.S. and Latin oligarchs ransacked Latin American resources, from copper to crude, bleeding the region of its natural wealth and its sovereign dignity. But even if you don't subscribe to its Marxist-tinged polemic, The Open Veins is one of the best introductions to the longstanding Latin grievances that keep producing populist leaders like Chávez. It was an appropriate...
Hugo Chávez owned the last Summit of the Americas, in 2005. Thanks to rising oil prices, the Venezuelan President, who controls the hemisphere's largest crude reserves, suddenly had the petro-wherewithal to spread his gospel of a more socialist Latin America free of Washington's imperialist interference. At that summit, in Mar del Plata, Argentina, Chávez led large and raucous demonstrations against President George W. Bush and U.S. plans for a hemispheric free-trade pact, which effectively died at the gathering...
...Bolivia. Opposition leader and Santa Cruz Prefect Ruben Costas suggested Thursday's events might be a government stunt orchestrated by Morales, who has declared assassination plots against him on several occasions during his presidency but had yet to offer proof. "Anyone can see that this is a crude staging, a show," Costas said in a press conference, adding it could also be the government's way of deflecting attention away from a bomb that exploded outside the Santa Cruz house of a Roman Catholic Bishop, Julio Terrazas, who is a vocal critics of Morales. Costas and the opposition claim that...
...more than 20 years. And just before the Brazilian deal, Beijing agreed to lend $15 billion to cash-strapped Rosneft, Russia's largest oil company, and an additional $10 billion to Transneft, Russia's biggest pipeline company. The loans will be paid off not in cash but in crude--300,000 bbl. a day from the huge east Siberian oil fields. That's about 4% of China's current demand for crude oil. Over the 20-year life of the deal, Beijing will effectively be paying about $20 per bbl. With oil expected to return...