|
|
Article: China gets its first real grip on Arab oil.
- Article from:
- UPI Energy Resources
- Article date:
- November 4, 2009
CopyrightCOPYRIGHT 2009 Al Bawaba (Middle East) Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
Baghdad's deal Tuesday with BP and the China National Petroleum Corp. to invest $15 billion in the giant Rumaila oil field to help rebuild Iraq's ramshackle oil industry gives energy-hungry China its first real grip on Middle Eastern oil.
But the 20-year contract carries immense risk as another bout of sectarian savagery looms in Iraq.
Still, China has demonstrated that it's prepared to gamble -- and pay top dollar -- as its companies roam the globe snapping up energy resources, particularly in West Africa.
Before Wednesday's deal, Beijing had purchased an estimated $15 billion in oil and gas supplies worldwide this year alone. That's double ...