China's Changing Oil Calculus -- Rosemary A. Kelanic, National Journal
Last month, China and Russia announced an $85 billion equity deal to jointly develop Russia’s east Siberian oil resources for export to China in an unprecedented agreement between the two countries.
This comes on the heels of Chinese president Xi Jinping’s tour of Central Asia to forge closer trade ties with Kazakhstan, Uzbekistan, Turkmenistan and Kyrgyzstan. Promoting a “New Silk Road” of regional commerce, he spoke illustriously of “camel bells echoing in the mountains” and “wisps of smoke rising in the desert” as in the days of yore.
Although much less romantic, “Hydrocarbon Highway” more aptly describes Xi’s vision. In recent weeks, China has signed nearly $100 billion in energy contracts to increase Chinese access to the abundant petroleum resources of Central Asia. A major advantage of obtaining oil from Siberia and Central Asia is that it could travel to China overland—and thus beyond the reach of U.S. naval power.
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My Comment: Energy is China's Achilles heel .... .... and the Chinese military/government are well aware of that. But with one billion Chinese citizens using more energy every year continues .... this "weakness" will only grow.
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Employment opportunities for horizontal drilling in Oklahoma is massive. Oklahoma is all about oil and natural gas. Unemployment rate is way below than national average, and it’s because of this industry. Nearly one-quarter of all jobs in Oklahoma are tied to the energy industry. A recent research of the Oklahoma Energy Resources Board shows us the oil and gas industry was responsible for pouring more then $51 million into the state's economy and created jobs for over 300,000 people.
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