ASIA BUYS UP FOREIGN OIL AND GAS ASSETS
A. A. ROGOZHIN PhD in Economics Institute of World Economy and International Relations of the Russian Academy of Sciences M. V. MATYUKHIN Applicant Institute of Oriental Studies of the Russian Academy of Sciences Keywords: energy security, Asia, foreign investment, oil, gas December 2012 was marked by a unique event for the global energy market. After lengthy negotiations, the Chinese state-owned company CNOOC (China National Offshore Oil Corporation) received approval from the Canadian government to take over Nexen Inc., which is engaged in oil production in Canada (in the tar sands region) and in the United States (in the Gulf of Mexico region). For China, this is the largest acquisition of a foreign company ($15.1 billion).1. Neither Canada nor any other country has ever sold such large assets to Chinese investors before. This transaction is the most striking manifestation of a rapidly developing new phenomenon: emerging market economies, primarily Asian ones, are increasingly using investments in oil and gas assets abroad to ensure their energy security. This phenomenon is evaluated differently not only in developed but also in developing countries. For many national oil and gas companies (NOCs), investment abroad is increasingly becoming an integral part of their efforts to ensure energy security. First of all, this is due to the increase in energy prices over the past 10 years. Accordingly, the level of international investment by many, mainly Asian, NNCS has also increased. The Chinese are leading the way, but companies from Japan, South Korea, India, Malaysia, Singapore and Vietnam have also stepped up. With the exception of Malaysia's Petronas and Vietnam's Petrovietnam, they all represent countries that are net importers of oil or gas. These Governments have provided significant support, including financial and diplomatic support, to their NOCs. It is considered that if a company has the right to develop oil and gas fields abroad, it is logical to provide ... Read more
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Full version: https://elibrary.org.uk/m/articles/view/ASIA-BUYS-UP-FOREIGN-OIL-AND-GAS-ASSETS
India Online · 173 days ago 0 131
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Delhi, India
22.10.2023 (173 days ago)
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