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Fears of Chinese land grab as Beijing’s billions buy up resources

Posted By admin On October 2, 2010 @ 3:04 am In World News | Comments Disabled

Sarah Arnott
London Independent [1]
Oct 2, 2010

China is pouring another $7bn (£4.4bn) into Brazil’s oil industry, reigniting fears of a global “land grab” of natural resources.

 State-owned Sinopec clinched the deal with Spain’s Repsol yesterday to buy 40 per cent of its Brazilian business, giving China’s largest oil company access to Repsol Brasil’s estimated reserves of 1.2 billion barrels of oil and gas. The whopping price tag for Repsol Brasil – which values the company at nearly twice previous estimates – is a sign of China’s willingness to pay whatever it takes to lock in its future energy supplies and avoid social unrest. It will give the company enough cash to develop all its current oil projects, including two fields in the Santos Basin.

The Repsol deal is not China’s first in Brazil. In February last year, Sinopec stumped up a $10bn loan to Petrobras, the state-owned oil company, in return for guaranteed supplies of 10,000 barrels of oil every day for the next 10 years.

It also follows a slew of similar deals across the world. While much of the developed world is baulking at its debts in the aftermath of the financial crisis, China has continued a global spending spree of unprecedented proportions, snapping up everything from oil and gas reserves to mining concessions to agricultural land, with vast reserves of US dollars.

Full article here [1]

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URLs in this post:

[1] London Independent: http://www.independent.co.uk/news/world/asia/fears-of-chinese-land-grab-as-beijings-billions-buy-up-resources-2095451.html

[2] Having A Supply Of Healthy Foods That Last Just Makes Sense (AD): http://www.efoodsdirect.com//index.html?aid=14&adid=43

[3] Image: http://infowars-shop.stores.yahoo.net/post4rioffe.html

[4] Why Is The Obama Administration Allowing The Chinese Government To Buy Up U.S. Oil And Gas Deposits Worth Billions Of Dollars?: http://www.prisonplanet.com/why-is-the-obama-administration-allowing-the-chinese-government-to-buy-up-u-s-oil-and-gas-deposits-worth-billions-of-dollars.html

[5] Fears for the world’s poor countries as the rich grab land to grow food: http://www.prisonplanet.com/fears-for-the-worlds-poor-countries-as-the-rich-grab-land-to-grow-food.html

[6] The Chinese Government Is Buying Up Economic Assets And Huge Tracts Of Land All Over The United States: http://www.prisonplanet.com/the-chinese-government-is-buying-up-economic-assets-and-huge-tracts-of-land-all-over-the-united-states.html

[7] Land acquired over past decade could have produced food for a billion people: http://www.prisonplanet.com/land-acquired-over-past-decade-could-have-produced-food-for-a-billion-people.html

[8] British Corporation Mass Murdering Ugandans in UN Sanctioned Land Grab: http://www.prisonplanet.com/british-corporation-mass-murdering-ugandans-in-un-sanctioned-land-grab.html

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