Word: oil
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Dates: during 2000-2009
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...could trade oil...
...been very active to get as many commitments on energy around the world before the dollar devalues too much." In August, China signed a $41 billion contract to buy liquefied natural gas over the next 20 years from Australia. Last month, China's state-owned China National Offshore Oil Corp (CNOOC) entered talks with Nigeria to buy as much as one-sixth of the West African nation's proven petroleum reserves, the Financial Times reported. This week, Guinea's junta announced a $7 billion mining deal with an unnamed Chinese company, which human-rights activists say could prop...
...side, there are clear benefits: Russia's energy companies secure a stake in China, which is set to become the world's biggest energy consumer within five years, according to the International Energy Agency in Paris. And for China, Russia provides a safer, more direct source for gas and oil than either the Persian Gulf or the Horn of Africa. Energy-rich Russia has suffered from tanking oil and natural gas prices, while China has managed thus far to weather the global economic downturn thanks to $586 billion in government stimulus spending. China has taken advantage of more than...
...China and Russia also still disagree on how to finance those unbuilt pipelines, which are likely to cost billions of dollars. (As a measure of how expensive these projects are, the BTC oil pipeline linking Azerbaijan's capital, Baku, through Tbilisi, Georgia, to Turkey's Caspian port of Ceyhan cost $4 billion to build in the early 2000s.) "Gazprom has been looking to get into the Chinese market for a considerable time, but the problem has always been over agreeing on the price," says Julian Lee, a senior energy analyst for the Center for Global Energy Studies in London. "There...
...China is considering all options as it scours the globe for gas and oil deals. Having watched commodity prices rise wildly before last year's downturn, Beijing is scurrying to lock in supplies now, while prices are stable. That search has a significant effect on how China interacts with the world. "Energy is a big issue for Chinese diplomacy," says Han Hua, an associate professor at Peking University's School of International Studies. "We have to diversify and get energy not just from the Middle East but from Russia. After decades of discussion, this agreement is really important for China...