Following their failed bid to acquire UNOCAL, China has successfully secured oil near its borders by purchasing a Canadian-based firm for US$4.18 billion.
The nation's largest oil and gas producer, China National Petroleum Corp (CNPC), yesterday reached an initial agreement with PetroKazakhstan Inc to buy the Canadian-registered company for US$4.18 billion, topping the bid from an Indian rival.
Industry analysts attributed the winning of CNPC's bid for PetroKazakhstan to China's solid relationship with Kazakhstan, in contrast to mounting concerns in the US that China's growing economy and energy demand may threaten its national security.
The potential for energy wars is heating up. Do we need more reason to accelerate independence from oil?