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Hong Kong (AFP) March 14, 2010 China's state-owned energy giant Cnooc said Sunday it would pay 3.1 billion US dollars for a 50-percent stake in an Argentinian-owned energy company, the latest in a string of acquisitions. Cnooc said the deal, which must still be approved by regulators whom it did not identify, would see it strike a joint venture agreement for a stake in Bridas Corp. with the South American company's parent, Bridas Energy Holdings. Cnooc -- the Hong-Kong-listed arm of China National Offshore Oil Corp. -- said Bridas has oil and gas assets in Argentina, Bolivia and Chile. The Chinese firm said it expected the cash deal, which would be funded by "the internal resources of the company," to be completed by mid-2010. "The transaction is aligned with (Cnooc's) growth strategy by expanding the company's reach into Latin America and establishes a foundation for future growth in the region and other countries," it said in a statement posted to the Hong Kong Stock Exchange on Sunday. Last month, media reports said Cnooc would pay 2.5 billion US dollars for a stake in Tullow Oil Plc's Ugandan oil assets, underlining China's push to gain a foothold in Africa's energy sector. That announcement came just one day after the Baghdad government said Cnooc had signed an initial deal to develop the 2.5-billion-barrel Missan oil field complex in southern Iraq, along with Chinese partner, Sinochem International Corp., Dow Jones Newswires said. In November, Norwegian energy group Statoil said it was selling some of its US offshore oil assets to Cnooc, the first step by a Chinese energy major into the US market. In 2005, the Chinese firm had to cancel an 18.5-billion-dollar deal with US firm Unocal because the politics of a communist country buying key US assets proved too controversial for Capitol Hill.
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Carbon Emissions Outsourced To Developing CountriesPalo Alto, CA (SPX) Mar 9, 2010 A new study by scientists at the Carnegie Institution finds that over a third of carbon dioxide emissions associated with consumption of goods and services in many developed countries are actually emitted outside their borders. Some countries, such as Switzerland, "outsource" over half of their carbon dioxide emissions, primarily to developing countries. The study finds that, per person, a ... read more |
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