Word: oiling
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...author of A Life Decoded: My Genome: My Life is a past TIME 100 honoree Energy Secretary Steven Chu, a Nobel Prize--winning physicist, has acted quickly to help implement President Barack Obama's ambitious agenda to invest in alternative and renewable energy, end our addiction to foreign oil, address the global climate crisis and create millions of new jobs...
These were expensive lessons, but Beijing has decided that Going Out is still a better economic strategy than staying home. Despite China's slowing economy, officials see the global recession as a prime opportunity to cheaply acquire strategically important raw materials such as iron ore, copper, oil and gas--commodities China will need in vast quantities in the long run. In the past two months, Chinese companies have sought to buy assets abroad at an unprecedented pace. Aluminum Corp. of China (Chinalco) has announced plans to invest $19.5 billion in Rio Tinto, one of the world's largest mining companies...
...foreign governments nervous. Australia blocked the Minmetals deal with Oz, citing national security, forcing the Chinese firm to revise the offer to exclude a valuable gold and copper mine. And Libya exercised its option to buy Venerex Energy, a producer based in Calgary, Canada, whose biggest asset is an oil and gas field 100 miles (160 km) southwest of Tripoli. That thwarted a $390 million bid that China National Petroleum Corp. had made to acquire Venerex. Beijing hasn't done itself any favors either. It blocked--on antitrust grounds that analysts considered flimsy--a bid by Coca-Cola...
...Chinese are not likely to be deterred, because the opportunity to buy energy and minerals this inexpensively may be historic. That's why the China Development Bank and China Petroleum & Oil Corp. last month invested $10 billion in Petrobras, Brazil's state-owned oil company and the prime operator of one of the most promising new offshore fields in the world. The deal gives Petrobras capital to further develop the field. In return, China will get 100,000 bbl. to 160,000 bbl. a day for more than 20 years. And just before the Brazilian deal, Beijing agreed to lend...
There is a lot more oil and gas where that came from, if Beijing can bring itself to depend on Moscow as a supplier. The two former communist powers have never trusted each other, but new capitalist economics trumps old socialist enmity. Russia needs money, and China has $1 trillion sitting in corporate coffers...