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We are the guarantors of public health launchedThis is in effect an end to the tortuous pastWe allow them to truly manage their routesAsked if he had an interest in the positionField trials are conducted in France in Spain000 tonnes per Fortis Commodity DerivativesA historic moment for the paddled company800 dollars against 700 at the height of the crisisThe United States did a risk to the taxpayer NonThe relief of the shield's growing supporters on the rightAfter the Chinese Sinopec and NCPC, it is the turn of Sinochem to afford a foreign tanker. The chemistry Group yesterday announced the acquisition of the British Emerald Energy, to 532 million pounds, or 619 million euros. Present in South America and the Middle East, Emerald Energy has 9 million barrels of oil reserves "proven", which is exploitable to current economic conditions. This transaction comes a few weeks after the purchase of the independent tanker Addax Petroleum by Sinopec for 7.3 billion (EUR 5.1 billion) and that of the refiner Singapore SPC by NCPC (China National Petroleum Corp.) for $ 2.2 billion.
NCPC and its competitor Cnooc (China National Offshore Oil Corp.) are also looking to get their hands on YPF, the argentine subsidiary of the Spanish Repsol. The first Chinese tanker would have proposed 13 to 14.5 billion to take control of the group while Cnooc would be rather a minority stake, according to Reuters. A joint offer of $ 17 billion would also be a possibility.
Since December, the major companies of the Middle Kingdom have invested more than 12 billion in the acquisition of oil assets. "They do not hesitate to three times higher bids us to acquire exploration permits, says an official of a Western company." We attended the same phenomenon with Japanese companies in the 1980s.
Why such excitement For Chinese leaders, the crisis is a unique opportunity to increase their oil reserves at costs significantly lower than those of a year ago. The Venezuela to the Russia through the Brazil, many producing countries lack funding to complete their exploration-production projects. Pragmatic, China plays the role of lender banker in exchange for agreements for the supply of oil. It also acquired assets whenever possible. In February, the Russia is committed to deliver 300,000 barrels per day to China for twenty years in exchange for a loan of 25 billion to public groups Rosneft and Transneft. In the Brazil, Sinopec and NCPC signed a memorandum of agreement for the supply of approximately 150,000 barrels of oil per day in exchange for a loan of the order of $ 10 billion with Petrobras.
Ensure its supplies
Opportunistic, all these initiatives are also part of a long-term strategy to ensure the security of supply for the country. Evaluées 15.5 billion barrels, proven reserves of China represent only 1.2 of those of the planet. Above all, large deposits of the country were discovered in the 1960s and 1970s. According to the International Energy Agency (IEA), most of them are exhausted more than 50.
In this context, considers that Chinese production reaches a peak of 3.9 million barrels per day in 2012 before gradually lowering the IEA. Necessarily less pessimistic, the Chinese Academy of social sciences provides a decline in production from 2020. China already imports half its oil and this dependence will grow. Hence the need to find new sources of supply, and especially to diversify. Africa and the Middle East represent about 80 of imports. The Chinese Government is seeking more than ever to reduce this proportion. Left to bid on the offers of Western companies in Latin America, in countries of the Caspian Sea or in the Middle East.