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China making energy deals all over the world

4559 Views 6 Replies 5 Participants Last post by  edge
These are very big deals !


BEIJING, March 21 (Xinhua) -- China and Russia on Tuesday inked three deals on oil and natural gas cooperation during Russian President Vladimir Putin's visit to China.

Chinese President Hu Jintao and Putin witnessed the signing of the three documents and other 12 cooperation documents.

The three documents include a principled agreement between the China National Petroleum Corp. (CNPC) and the Russian oil company of Rosneft for forming joint ventures on further oil cooperation, a memorandum of understanding between CNPC and Russia's natural gas company Gazprom for natural gas supply to China, and a summary of negotiations between CNPC and Transneft, a pipeline transport company of Russia.

Source: Xinhua



Afrol News, 7 March - China's Vice Premier Zeng Peiyang signed a total of nine cooperation agreements with Angola during his recent visit to the country. The agreements primarily include development of Angola's oil and gas riches , but also cover general infrastructure development and financial aid.

Angola is already China's second largest trading partner in Africa. In 2004, bilateral trade totalled US$ 4.9 billion, representing more than a 113 percent increase from 2003. Vice Premier Peiyang's visit to Luanda last week therefore was of significance. China is also desperately looking for more secure oil deliveries and Angola is sub-Saharan Africa's second largest oil producer.

Most of the Chinese-Angolan cooperation agreements signed last week therefore were related to the energy sector . The Beijing and Luanda governments signed a general agreement on cooperation in the oil and gas sector and cooperation in the mineral resources sector - seeing Angola as an exporter and China as an importer.

In addition to be a major energy import market, China is also one of the world's main technology centres. One of the agreements therefore foresees a cooperation agreement between the Angolan Ministries of Petroleum and Geology and Mining and China's National Commission for Development and Reform, focusing on technical aid.

Three concrete oil agreements were also signed. Sonagol, Angola's state oil company, agreed on a long term supply of oil to China's Sinopec oil company. Further, Sonangol and Sinopec are to jointly evaluate Angola's offshore Block 3. Finally, China and Angola will jointly study plans for a new oil refinery in Angola.

The two governments also agreed on a deepened cooperation on infrastructure development in Angola. Again, this is a sector where China has much technical knowledge and Chinese engineers are currently serving the governments of a large number of developing countries in large-scale infrastructure projects.

The Chinese Vice Premier also agreed to provide Angola with more development aid funds. An agreement was signed regarding an economic and technical assistance package, through which China will provide Angola with approximately US$ 6.3 million in interest free loans, according to the Angolan government.

Finally, Vice Premier Peiyang was a door-opener for China's private sector to enter in Angola's booming telecom market. A US$ 69 million agreement between Angola's MundoStartel and China's ZTE Corporation to develop telephone networks in Angola was also signed last week.

In related news Angola's Council of Ministers also approved ZTE's broader operations in the country. ZTE will invest US$ 400 million in Angola, US$ 300 million of which will be used to modernise and expand Angola Telecom's fixed line network.

Another approximately US$ 100 million is to be invested in military communications, the development of a mobile telephone factory and the creation of a telecommunications training institute for Angolan employees, according to information from the Angolan government.

China traditionally has maintained good relations with the former Marxist government of Angola. With Angola's opening up to the West - following the fall of South Africa's apartheid regime - American oil companies however have taken the lead in investing in Angola's oil sector. China however remains an important trade partner for Angola.

Source: Afrol
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it will be interesting to see Chinas relations/trades with India the next time the leaders meet
China is doing the right thing. Without energy, the economy can't grow. Why do you think the US controls the middle east?

Though China should shift more into industries that's not so energy intensive, such as software or services.
China is doing the right thing diversifying its sources. But it needs to put in more effort to promote alternative fuel sources.
I read somewhere China is moving very aggressively toward wind, solar, and other sources of energy. Could soon be #1 in the world in those areas.
What Happens?

when there is no more deals that can be made?
BringIt said:
I read somewhere China is moving very aggressively toward wind, solar, and other sources of energy. Could soon be #1 in the world in those areas.

I can believe that. When I was approaching Urumqi on the highway from Turfan in Xinjiang province, I was astounded by this huge valley of windmills. I have never seen a sight like that before in my life. My tourguide said that the city gets 40% of its energy from wind.
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