Posted on 08/31/2009 11:46:49 AM PDT by Clive
CALGARY -- China has used its significant financial firepower to once again wiggle its way into Canada's oil sands, home to the largest source of crude outside Saudi Arabia.
PetroChina International Investment Company Ltd. has struck a deal to buy a 60% working interest in Athabasca Oil Sands Corp.'s MacKay River and Dover oil sands projects for $1.9-billion, as well as "certain financing arrangements" for AOSC.
"Oil sands projects are very capital-intensive long-term investments and difficult to fully finance in the traditional equity market," said Bill Gallacher, AOSC's chairman said in a statement. "AOSC therefore decided to look for joint venture partners, and these strategic joint venture arrangements with PetroChina, one of the world's largest energy companies, can ensure that the MacKay River and Dover projects will be developed in timely manner."
The pair will use in-situ extraction methods rather than mining techniques. "[PetroChina's] field developments, operational methods, heavy-oil experience and research facilities are world class, and as a partner they will bring these very valuable attributes to the MacKay River and Dover projects in Alberta," he said of his new majority partner.
Oil sands players such as Suncor Energy Inc.'s Rick George believe the federal government would be willing to block outright takeovers of Canada's oil sands outfits using its regulatory powers such as the Investment Canada Act.
More to come ..
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The Chinese have gotten smart after the Unocal fiasco. Partnerships.
Boxing us in. Chicoms drilling to the south and now scraping to the north. While the dems and eco-nazis stop anything domestic!!!! Not to mention, Zero giving Brazil and Soros $2 Billion to drill off of the coast of Brazil.
While our malfeasant Congress full of liars and sociopaths dithers and grovels before the eco-Nazis, oil resources are being purchased by the Chinese literally on our northern and southern borders.
This is like watching a slow-motion suicide.
China will own Pemex outright by 2015
Not only have the Chinese made moves worldwide to secure their energy needs for the next 50 years, they have also made similar partnerships to secure their base metal and ore needs.
Beijing Communists outsmart Washington so-called Capitalists.
It’s like that movie, ‘There will be Blood’.
“It’s called drainage...”
Besides harassing tactics originating in the US i n the guise of environmentalism and climate change activism the United States congress has never let an opportunity go by to add protectionism clauses into every piece of legislation that it can, despite clear treaties to the contrary.
Obama himself wants NAFTA abrogated and the actions of his tame congress and politburo have come knife edge close to actuak abrogation. NAFTA guarantees US consumers equality with Canadians in respect to any access to Canadian energy supplies in the event of shortages.
If we offer a product, reserve its supply to our best customer and said best customer starts to turn his nose up at it, perhaps we can find other customers.
BTW, the Canadia National Railways has developed techniques for unit train transport of crude oil to anywhere that trains will go, including Arctic, Hudson's Bay and west coast ports.
Hell, you people don't even want Alaska oil. Or Gulf of Mexico or California offshore oil, or even your own shale deposits.
But your bankers will help develop South American and African oil.
We shut down our industry and sent them our jobs. We gave them all our money for cheap toxic junk. Now they are buying up the world with what was once our wealth.
We are witnessing a murder of the old Republic, being swept away with the pirate John Roberts' blessing, to be replaced with the fascist federal oligarchy Obama is building as we breath.
No wonder so many business folks in this country are learning Cantonese. It will be our future language.
China has $10 billion in that project.
I'll recap the first round funding for that project.
$13.3 billion---Brazil Development Bank
$10 billion-----China Development Bank
$6.5 billion----International Banks
$2 billion------US ExIm Bank
They’ve also been busy in Africa oil drilling for over 20 years.
C'mon, Clive, tell 'em what you really think!
We Canadians have our socialist problems, and Americans have their socialist problems. At this point in time, the Canadian problems seem a lot smaller - the Trudeaupian state has lost some lustre in recent years, whereas the US seems entranced by the power and might of Washington.
GM to form China venture, invest $293 million...
The Chinese is now more Capitalist than the bureacrats in Washington.
The Chinese learn from their mistakes.
While the "China's trade surplus is a good thing" crowd tells us that China won't do anything with their trade surplus except lend it to Uncle Sam at 3%.
Russia and China have partnered to drill in Cuba and Venezuela, and Russia and China are buying up all available oil contracts.
“BTW, the Canadia National Railways has developed techniques for unit train transport of crude oil to anywhere that trains will go, including Arctic, Hudson’s Bay and west coast ports.”
Do you have any further info on this?
Chicaps at work, investing their $$$ wisely
We just sit and let them surround us. We are wittnessing the end of the greatest country that has ever been on the face of the earth.
The West will soon come to regret the day when it helped China become an economic power.
headstamp 2 wrote:
"Do you have any further info on this?"
Here is a hyperlink to a CN site:
BTW I am old enough to think of the railway as CNR instead of its current preference, CN.
Using CN instead of CNR to refer to the railway will avoid confusion with CanArgo Energy Corporation which is an exploration company operating in eastern Europe and the former Soviet Union which listed on the Oslo Stock Exchange under the symbol "CNR" and the us market as CANR.
Well, Carter paved the way for Reagan. Who will follow Obama?
The Chinese are betting on peak oil. So am I.
I'll settle for anything. A Cuisinart... 57 DeSoto... Roger Rabbit.
D'accord
I kind of like Athabaska oil too.
Yep. oil is going up ( 70 to 110)and Sun Corp is the stock to buy along with another little known company called UTS. ( Look it up)
China has $2 trillion in forex to invest. They have to do 1000 deals like this one to meet their needs.
“Well, Carter paved the way for Reagan. Who will follow Obama?”
I don’t see any one of the ‘contenders’ being concerned about China...they’re all globalists.
The plain vanilla fact-of-the-matter is that Venezuela has no other market for the greater part of its oil. Heavy crude is special stuff and is not for the average refinery. The majority of Venezuela's oil can only be processed in the specialist refineries run by Hovensa (a joint venture between US refiners Hess Corp and PdVSA) located in the US Virgin islands, amongst other places. Meanwhile, the USA readily accepts the Venezuelan heavy crude because, without it, the heavy crude refineries would close. There is no other supplier of this special crude available, so the US would lose around 11% of its total domestic oil products supply in one fell swoop. The result is of the 2.15mbpd (million barrels per day) Venezuela pumps presently, 1.35mbpd has to go to the USA. Simply put, without Venezuela, the US refineries will close and the country will have an oil supply crisis. Meanwhile without the USA, Venezuela will have no market for the lion's share of its crude. -- 'Heavy Crude: Why Venezuela and The U.S. Need Each Other, Mark Turner, January 30, 2007
Rumor has it China is done buying our paper.
Well, that's Canada's "dirty oil", we have plenty of Bakken Crude looking for space on the pipeline. This could work well for domestic drilling by opening up some space on the line and removing the thirty dollar a barrel 'discount', which would bring the wellhead price of crude oil from the Bakken back in line with spot crude prices (for the producers) rather than 30 dollars a barrel less.
That alone could be a shot in the arm for domestic drilling, and could be beneficial in the long run for the oil patch and the economy in general.
Carter did the same thing to us. He hated oil. He created shortages and skyrocketing prices. Reagan fixed it.
The only thing that bothers me about tapping into our oil supply before necessary for absolute need, is that globalization will take it from our country’s use. I can see McCain or BamBam letting Russia, Saudi Arabia or China come into the US and take over oil operations.
To me our oil is like a stockpile for an emergency where we can force slimy, anti-American politicians to suspend the globalization of our oil supply to use it slowly, as needed, in North America.
china ping
They don't want to do anything drastic that will make the dollars they are owed decline in value. They probably figure that they can take their time, since the USA has such poor leaders.
We just keep giving them more rope....
Before long we’ll have to “press one for Chinese”...
Good point.
Not to mention the ‘stop-loss’ the Chinese have put on the fraudulent deals sold to them by our financial ‘leaders’!! Please read Jim Sinclair’s Mineset for full info
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