Word: petroleum
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...pedicab. But nearby, the rush for oil and gas is intense; last year, Russian, Thai and Vietnamese companies signed exploration deals with the junta. In late December, a consortium of four foreign companies, led by South Korea's Daewoo, inked an agreement with the junta and China National Petroleum Corp. to extract natural gas from Arakan's offshore Shwe fields and pipe it northeast through Burma to China's Yunnan province. The pipeline, along with a plan for a new deepwater port in Arakan where ships laden with Middle Eastern oil can dock and disgorge their valuable cargo, gives China...
...just minerals Beijing is now frantic to buy. On March 3, China National Petroleum Corp. agreed to buy Calgary based Verenex Energy, which has a 50% stake in a huge Libyan oilfield, for $390 million. 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 in one of the most promising new offshore fields in the world. The deal gives Petrobras capital to further develop the fields. In return, China will get 100,000 to 160,000 barrels of oil a day over...
...Hyundai's U.S. car arm is a tiny piece of a Goliath of a company based in South Korea. The firm owns mines, petroleum assets, machinery manufacturing operations, and electronics factories. It also builds commercial tankers that are as long as several football fields. Hyundai Motors has simply out-marketed its competition in the U.S. It builds good cars, at least based on auto reviews. The company's flagship, a four door war-wagon called the Genesis, was named the North American Car of the Year. The beast only gets 17 miles per gallon in city driving...
...Scandinavian good conscience that has made it such a pleasant global citizen since, oh, the whole Viking thing. But the country's policies were actually born from a different emotion, one now in common currency: fear. When the 1973 oil crisis hit, 90% of Denmark's energy came from petroleum, almost all of it imported. Buffeted by the same supply shocks that hit the rest of the developed world, Denmark launched a rapid drive for energy conservation, to the point of introducing car-free Sundays and asking businesses to switch off lights during closing hours. Eventually the Mideast oil started...
...Chávez has also used Venezuela’s petroleum wealth to extend his influence in the region while the Bush administration focused elsewhere. In particular, he has invested in his ideological allies in the region, including Fidel Castro’s Cuba, Evo Morales’s Bolivia, and Rafael Correa’s Ecuador. But, for all his hatred of the United States, Chávez remains a dutiful producer of oil for American consumption, delivering over a million barrels a day to the evil superpower in the north. As a result, he has become an unfortunate...