Word: petroleum
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PetroChina is a subsidiary of the China National Petroleum Corp., a state-owned behemoth that has poured billions of dollars into a joint oil production venture with Khartoum...
...CCSR did not weigh in on Harvard’s investments in other companies with ties to Khartoum. The University’s most recent filings with federal regulators indicated that Harvard owned more than $3 million of stock in China Petroleum and Chemical Corp., or “Sinopec,” which is constructing a pipeline connecting oil fields to the coastal town of Port Sudan. The filings also showed that Harvard owned more than $2 million in Tatneft, a Russian company that signed a 2001 deal to explore oil fields in central Sudan...
Competitors are worried that China is so eager to do deals that it will warp the market. Western oil majors are concerned that "they won't be able to compete," according to Gary Ross, CEO of Petroleum Industry Research Associates, because the Chinese companies, most still state owned, are "willing to accept a lower rate of return." Those concerns may be overwrought. To acquire Unocal, CNOOC (whose market capitalization is about $22 billion) would have to offer more than $17 billion, plus pay the $500 million breakup fee Chevron booby-trapped to its Unocal bid. "It's all about money...
...size of Sinopec’s Sudanese venture pales in comparison to that of PetroChina’s parent, the China National Petroleum Company (CNPC), which has poured billions into the East African country, according to Peter S. Goodman, the Shanghai bureau chief of the Washington Post...
Sinopec is currently involved in the construction of a $65.5 million pipeline that will carry oil from the Melut Basin in the south of the country to Port Sudan, allowing the regime to boost its petroleum exports substantially...