|
Opec and China
|
View this Thread in Original format
| shaolin_Z |
| quote: |
Opec and China forge closer ties
Opec officials have arrived in Beijing for the first formal talks between the oil producing cartel and China.
Chinese leaders are keen to secure supplies of oil to fuel the country's rapidly expanding economy.
Opec, meanwhile, wants to develop closer ties with the world's second-largest oil consumer.
With world oil supplies currently stretched, Opec says it wants to gain a better understanding of China's appetite for oil.
Energy needs
Oil producing nations are facing an investment bill for billions of dollars to ramp-up production at oilfields in a bid to meet soaring demand.
| quote: | It's a win-win situation
Adnan Shihab-Eldin, acting Opec Secretary General |
Leading exporter Saudi Arabia has been at the forefront of Opec nations calling on consumers to draw-up a "road map" of their energy needs.
Opec president Sheikh Ahmad al-Fahd al-Sabah said China's rapid economic growth was changing the oil market.
"They started to play a main role in the market and they even succeeded in changing the culture of the market in 2004 and 2005," he said.
"We started this dialogue to... try to have some co-operation, especially for the future and to know what will be the situation of growth of demand in China."
"It's a win-win situation," said Opec's acting Secretary-General Adnan Shihab-Eldin. "China being a major consumer... there have been growing imports from Opec countries over the last few years."
The Opec meetings in China come as Chinese figures suggest the country is continuing to climb up the world economic rankings.
According to a state report earlier this week, China's economy was 16.8% larger in 2004 than initially calculated, putting the country into sixth place in terms of economic size, ahead of Italy and close behind the UK and France. |
Source: BBC
Any comments on the implications of this Occ (EDIT: Or anyone else ofcourse)? |
|
|
| Fir3start3r |
Not surprising really.
China's voracious appetite for raw resources is well known.
Even here in Canada they've been very active...
| quote: |
China oil demand massive
13/10/2005
Minister of Natural Resources John McCallum met with the Presidents of China’s two largest oil companies. Given China’s demands for petroleum McCallum suggested that Canada could be exporting 400,000 barrels of oil per day by 2012.
China is also interested in investing in Canadian oil. A pipeline is required for the deal to proceed.
Enbridge has a proposal to ship as much as 400,000 barrels a day through a new pipeline to the West Coast.
PM Martin has repeatedly said that in the face of difficulties getting NAFTA trade rules honoured Canada has little choice but to look elsewhere. He referred to the border closing against Canadian cattle exports having consequences. Canada has now expanded beef processing capabilities and dependence on U.S. processing plants is diminished. In addition Canada is now in a position to compete with the U.S. in beef exports to Asia.
The softwood lumber dispute and U.S. protectionism is leading to broader trade diversification.
Martin’s approach in continuing with NAFTA while diversifying exports abroad (highlighting oil exports in particular) is gaining ground across the country and beyond.
B.C. Premier Campbell is in Toronto asking for national unity on the issue. In Montreal Martin has said the message is bring heard in the American corridors of power. There is a news item from Brazil complaining - why wasn’t Brazil’s fifth largest market included in Canada’s move to diversify and establish strategic partnerships with other countries.
In light of the American breach of faith in not abiding by its own agreements Martin may very well have established a renewed interest in exploring export opportunities for a great many companies.
|
>>Source<< |
|
|
|
|
