In 2005, CNOOC (China National Offshore Oil Corporation) tried to buy an offshore Los Angeles-based oil company and was rebuffed. Congress man in Washington “questioned the wisdom of letting a big American oil company get taken over by a partially state-owned company from a country that, while not an enemy of the U.S., is not an ally either.”
On November 4th, 2009, “Norwegian energy group Statoil said it was selling some of its US offshore oil assets to China's state-owned CNOOC, marking the first step by a Chinese energy major into the US market.” (see article)
Is American under estimating China’s power?
China is currently taking over the role of “Globalizer” form the U.S. who is letting it happen without much of a fight. Would America have already accepted that the rest of the world does not want to hold the U.S. dollar as the world currency any more? For a country with such pride, it is hard to believe. China may simply be maximising the opportunity the financial crisis has opened up.
China and America are the two biggest green house-gas polluters accounting for 40% of the world carbon dioxide emissions. Currently China is producing more than 7bn tonnes but is forecast to produce 12bn tonnes by 2030 of carbon dioxide emissions. On the other hand America is now at 6bn tonnes and is forecast to stay stagnant passing 2030. This creates a natural resources tag-of-war between both super-powers, and China is getting a head start.
Iranian officials cut a deal last summer China’s National Petroleum Corporation (CNPC). “Five major’ energy deals worth about US$ 120 billion over the years to come.” Iran today accounts for 14% of Chinese oil imports and Beijing has secured China a safe stake in the country.
This crisis is a perfect opportunity for China, a country which suffered less from the current crisis, to gain a fundamental step forward in today’s global race with the U.S. Some may says that this is possible due a shaken U.S. that is still entirely focused on self recovery, I like to think that China has clearly understood the game and is just started to play – The world has yet to see all the vibrant colours of the Dragon.
On November 4th, 2009, “Norwegian energy group Statoil said it was selling some of its US offshore oil assets to China's state-owned CNOOC, marking the first step by a Chinese energy major into the US market.” (see article)
Is American under estimating China’s power?
China is currently taking over the role of “Globalizer” form the U.S. who is letting it happen without much of a fight. Would America have already accepted that the rest of the world does not want to hold the U.S. dollar as the world currency any more? For a country with such pride, it is hard to believe. China may simply be maximising the opportunity the financial crisis has opened up.
China and America are the two biggest green house-gas polluters accounting for 40% of the world carbon dioxide emissions. Currently China is producing more than 7bn tonnes but is forecast to produce 12bn tonnes by 2030 of carbon dioxide emissions. On the other hand America is now at 6bn tonnes and is forecast to stay stagnant passing 2030. This creates a natural resources tag-of-war between both super-powers, and China is getting a head start.
Iranian officials cut a deal last summer China’s National Petroleum Corporation (CNPC). “Five major’ energy deals worth about US$ 120 billion over the years to come.” Iran today accounts for 14% of Chinese oil imports and Beijing has secured China a safe stake in the country.
This crisis is a perfect opportunity for China, a country which suffered less from the current crisis, to gain a fundamental step forward in today’s global race with the U.S. Some may says that this is possible due a shaken U.S. that is still entirely focused on self recovery, I like to think that China has clearly understood the game and is just started to play – The world has yet to see all the vibrant colours of the Dragon.
References:
Bill Powell. (2009). It's China's World. (We just live in it). Fortune. 160, NO.7 (October 26, 2009), p55.
Vivienne Walt. (2009). China bets on Iran. Fortune. 160, NO.7 (October 26, 2009), p54.
Pierre-Henry Deshayes. (2009). Chinese giant to buy US oil assets: company. Available: http://uk.news.yahoo.com/18/20091104/tbs-chinese-giant-to-buy-us-oil-assets-c-8cc5291.html. Last accessed 6 Nov 2009.
Vivienne Walt. (2009). China bets on Iran. Fortune. 160, NO.7 (October 26, 2009), p54.
Pierre-Henry Deshayes. (2009). Chinese giant to buy US oil assets: company. Available: http://uk.news.yahoo.com/18/20091104/tbs-chinese-giant-to-buy-us-oil-assets-c-8cc5291.html. Last accessed 6 Nov 2009.
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