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Page added on December 23, 2010

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China to the Rescue: Will PetroChina Acquire BP?

Business

Updated 29 Nov 2010 By Michael Corkery– While it is difficult to know for certain what the Obama Administration believes will be the end game for BP, Deal Journal is pretty sure it isn’t this: A take over by PetroChina, a deal that would give the Chinese oil giant a huge hold on the world’s energy supplies.
And yet analysts at Standard Chartered Bank are making waves this morning with a report that floats out the idea of a PetroChina-BP merger.
PetroChina, which has a $60 billion war chest for acquisitions, is seeking to tap into overseas reserves to feed China’s insatiable demand for oil. According to Bloomberg, Chinese demand for crude is expected to rise at 15 times the rate of the demand in the US. And acquisition of BP would give PetroChina access to 18 billion barrels of oil and gas reserves around the world — a huge boost to its overseas supplies.

wsj.com



2 Comments on "China to the Rescue: Will PetroChina Acquire BP?"

  1. Kenz300 on Thu, 23rd Dec 2010 2:22 am 

    China is trying to guarantee energy resources for it’s future.

    This will come at a cost to other nations as demand starts to exceed available supply.

    There is only so much energy and the fight to obtain supplies is getting greater.

    We need to ensure that there are local supplies of energy for every country.
    This will mean a transition to clean, safe alternative energy. Wind, solar, geothermal and second generation biofuels can all be generated locally and ensure supply.

    As the world population continues to grow there will be shortages of food, water, oil, and other resources.

    Wars will be fought to obtain supplies for their populations.

    Our economic security and national security depend on our ability to ensure energy to our citizens.

  2. James on Thu, 23rd Dec 2010 12:17 pm 

    In addition to the access to the 18 billion barrels of oil, China will also incur the liability that BP has towards the Gulf Oil Spill. This will assure the stock holders their money back and eliminate their liability. Now Since we owe so much to China, there is no liability on the part of China, and the U.S. is stuck with the overall cleanup bill.

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