China Buy’s Up the World’s Oil Supplies - Business

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Business :: China Buy’s Up the World’s Oil Supplies

China is oil hungry and is making deals throughout the region in order to satisfy its appetite. Recently China’s International Trust and Investment Corporation (CITIC Group) had completed an acquisition of Canadian owned Nation’s Energy’s Kazakhstan oil field for $1.9 billion dollars. The Oil field currently produces over 50,000 barrels a day and has a proven oil reserve of 340 million barrels of oil.

Even last year China beat out Russia in a bid to purchase the Karzhanbas field in western Kazakhstan for $4.2 billion and then built a pipeline to carry the oil directly to China. That deal has done much to increase oil to the country. To make matters more interesting in April the CNOOC, an offshore oil producer, acquired a $2.3 billion stake in a Nigerian oil field. China has also bought long-term supplies from Sudan, Iran and Burma.

The United States accuses China of “locking up” oil supplies around the world and this is driving prices per barrel and dollars per gallon paid at the pump upwards. The method China uses is like the mercantilism like that seen in a long gone era where a country protects its markets by not allowing others to sell within its borders, exports, and purchases natural resources in other countries that will not sell to others.

Murad Ali is a two-time published book author, a Ph.D. candidate, and works in human resource management. More articles can be read at the two business blogs http://www.thenewbusinessworld.blogspot.com and http://www.thenewmarketingworld.blogspot.com
In 2004 China has used 6.5 million barrels a day to spark its economy. The United States uses somewhere around 20 million dollars a day. The two are expected to come to “heads” over the world’s limited supply of Oil. Thus China has already secured nuclear power plant development contracts with the United States.

Author Info:

Murad Ali is a two time published author, Ph.D. candidate, and workds in human resource managementl. For similar type articles visit http://www.thenewbusinessworld.blogspot.com and http://www.thenewmarketingworld.blogspot.com

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