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Tuesday, August 30, 2005

China buying more oil companies

--posted by Tony Garcia on 8/30/2005

Remember the flap a while ago when China tried buying American company Unocal? Well, China is looking to shore up other oil supplies as their own throughout the globe.

According to the Cincinnati Enquirer
China's biggest state-owned oil firm has reached an agreement to buy a major oil producer in neighboring Kazakhstan for $4.2 billion - a victory in Beijing's campaign to secure foreign energy supplies for its booming economy.

The acquisition of PetroKazakhstan Inc., a Canada-based company, by a unit of China National Petroleum Corp., comes just three weeks after Hong Kong-based CNOOC Ltd. dropped its bid for Unocal Corp. following opposition from U.S. politicians.

While many think that it is just for their "booming economy" I have learned to never trust the justifications given from a communist nation. China should be treated the same way. They are the next big enemy for the United States (looking beyond the Middle East) and it is obvious that controlling oil supplies controls the West. Keep your eyes on China.

Just a warning, that's all.


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