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Politics : Rat's Nest - Chronicles of Collapse

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To: Wharf Rat who wrote (9421)	8/17/2009 9:52:51 AM
From: Wharf Rat	Read Replies (1) of 24213

China: The new Big Oil - The country is snapping up oil fields from Africa to South America to the Middle East. Soon it may be able to rival the Western giants. NEW YORK (CNNMoney.com) -- China is on an oil buying binge. Over the past few months, the Chinese government -- or its big government-controlled oil firms -- have closed or floated a slew of deals in countries all over the world. These deals have expanded the nation's oil reach and may one day position the nation to match the skills of western oil firms. money.cnn.com Chinese coal purchase could start a trend The takeover of a major Australian coal mining company by Chinese-owned Yanzhou has raised fears coal markets could be dominated by China. Felix Resources owns coal projects in New South Wales and Queensland. Gavin Wendt, from broker Fat Prophets, says if the takeover is approved, it could be the first of many similar acquisitions by China. "This is probably the tip of the iceberg," he says. abc.net.au

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