Free Republic

BEIJING - Chinese state-controlled oil company CNOOC Ltd. said Monday it is paying $2.3 billion for a 45 percent stake in a Nigerian oil field in its first major investment since its failed bid to take over Unocal Corp. last year. The deal adds to a multibillion-dollar string of foreign acquisitions by Chinese oil companies, which are aggressively pursuing energy supplies to fuel China's booming economy. The agreement, which requires approval from the Nigerian and Chinese governments, covers a deep-water area of the oil-rich Niger Delta region, CNOOC said. It said the area includes the Akpo oil field discovered in...

China National Offshore Oil Corporation is considering a nearly $14bn (£7bn, €10.6bn) takeover of Unocal of the US. Sinopec, another Chinese state-controlled oil group, has struck a $70bn deal to buy Iranian crude oil and liquefied natural gas over three decades. China has sent $6bn to Rosneft, the Russian company that bought the main production unit of the embattled Yukos oil group, as advance payment for oil supplies. India has just reached a $40bn agreement to import LNG from Iran and develop Iranian oilfields, and is promoting pipeline projects to bring oil and gas across neighbouring countries to supply its...

There is an arm of the Chinese government that has repeatedly aided the nuclear weapons programs of Pakistan and Iran. Now that arm is in line for a $5-billion loan deal from the U.S. government--for the benefit of two major U.S. corporations. The Export-Import Bank of the United States (Ex-Im), an independent federal agency that finances exports, has granted a preliminary commitment for the largest deal in it is history: $5 billion in loans and loan guarantees to the China National Nuclear Corporation (CNNC) to build nuclear power plants. According to U.S. government reports, CNNC has been tied to at...