Michele Kearney's Nuclear Wire

Major Energy and Environmental News and Commentary affecting the Nuclear Industry.

Saturday, January 7, 2012

China's New Foray into U.S. Energy Market Shows Evolving Strategy

China's New Foray into U.S. Energy Market Shows Evolving Strategy

By Catherine Cheney | 06 Jan 2012
News arrived this week that the second-largest oil company in China has agreed to pay $900 million, and contribute as much as $1.6 billion to future drilling costs, for a one-third stake in five American exploratory oil projects. The foray into American energy investment, the first by China Petrochemical Corp., known as Sinopec, comes in the form of a partnership with Oklahoma-based Devon Energy Corp. to develop shale reserves.

No comments:

Post a Comment