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Holy cr*p. Look at this list. I knew it was extensive, but this is quite the synthesis. Do you think that China is waiting to trash the dollar until they're done buying every single dram of fossil fuels that they can find with USD?

China has already thrown down $13.4 billion dollars on purchasing distressed oil companies around the globe this year; this is after throwing down $13.1 billion last year. (See WSJ article)

The number of locations and the dollar amounts are staggering:
IRAQ (Aug.'09): Sinopec, Asia's largest refiner, agreed to purchase Addax's development of the Taq Taq oilfield in its northern Kurdish regionin June for 7.2 billion dollars in China's largest-ever overseas acquisition. (AFP)

RUSSIA (Feb.'09): China reached a long-term deal to lend $25 billion to two Russian energy companies in exchange for an expanded supply of Russian oil. (WSJ)

VENEZUELA (Aug.'09): Venezuela has promised to send China almost all its fuel oil output for three years in return for an upfront payment of $8 billion as part of China's global push to ensure future supplies of key natural resources. (Reuters)
CANADA (Sept.'09): PetroChina has agreed to pay $1.7 billion for a stake in a Canadian oil sands project in its biggest North American acquisition, widening the search for energy resources overseas. (Bloomberg)

ANGOLA (Jul.'09): CNOOC and SINOPEC will acquire an undivided 20% participating interest in the production sharing contract and joint operating agreement in block 32 offshore located in Angola. The transaction is valued at $1.3 billion. (AllBusiness)

ARGENTINA (ongoing): China National Petroleum Corp. and CNOOC have proposed paying at least $17 billion for all of Repsol YPF SA's stake in YPF, its Argentine unit, two people close to the talks said. The potential deal, which could be the biggest overseas investment by China, highlights the country's growing thirst for energy resources globally and its willingness to offer big money for access. It also underlines the ambition of CNPC to build its presence in South America and elsewhere. (WSJ)

BRAZIL (Aug'09): Petrobras has signed three different contracts with China. One with the Chinese Development Bank for $10 billion. The second would offer SINOPEC up to 200,000 barrels of crude oil per day that they will pay for according to the international market price. The third agreement was also signed with SINOPEC and it involves the possibility of joint ventures and evaluation of different opportunities in exploration in blocks in the northern part of Brazil; blocks outside of Brazil; and with possibilities in petrochemicals, refining, and logistics. (CIGI)

ECUADOR (Aug'09): Ecuador has reached out to China to ease its liquidity crisis, signing a deal to supply the energy-hungry nation with 69m barrels of oil over the next two years in return for a $1bn advance payment. (FT)

IRAN (Aug'09): Chinese company ZPMC earlier signed a $2.2 billion agreement on building 10 offshore and seven onshore oil rigs with the Iranian Engineering and Building Sea Installations Company. ZPMC received a credit line of 10 billion dollars from China Development Bank last month to finance the offshore section of the project. (IRNA)

KAZAKHSTAN (Aug.'09): Kazakh and Chinese state oil firms' joint $3.3 billion acquisition of a Kazakh private upstream company has been delayed. The terms of closing the deal have been extended by the parties' mutual agreemen. Several issues are being resolved. (Reuters)

SINGAPORE (May'09): PetroChina’s $2.2 billion bid to buy half a refinery in Singapore may look like yet another China deal for energy security, but really it says far more about Beijing’s desire to flex its pricing muscle on world markets. Singapore Petroleum Company owns a 30 year-old, 285,000 barrel per day refinery. PetroChina adds the final piece of its trading arsenal: a major source of fuel supply in the trading hub where most of Asia’s oil prices are determined. (GlobalNews)

China's thirst for fossil fuels is not just limited to oil; take a look at some of their natural gas deals:

AUSTRALIA (aug.'09): PetroChina has agreed to buy $50 billion worth of liquefied natural gas - 2.25 million tonnes a year over the next two decades, from the yet-to-be developed Gorgon field off the coast of Western Australia. (ABC)

BURMA (Aug.'09): China is to boost its economic ties to the Burmese military Government with a $5.6 billion gas project in the Bay of Bengal, to be built by a South Korean and Indian consortium. (LondonTimes)

China sits on vast coal reserves, and is increasing coal production and buying foreign stashes.

China Shenhua Energy, the world's second-largest coal miner, has said it will invest $39.5 billion over the next four years to hugely increase its production. (Telegraph)

China's Yanzhou Coal Mining Co. agreed to buy Australian coal miner Felix Resources for $2.9 billion. (Reuters)


http://www.examiner.com/x-2903-Energy-Examiner~y2009m9d1-Ene...
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