Overseas acquisitions of the three most popular st

2022-08-12
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The overseas acquisitions of the three major state-owned oil giants have been frustrated one after another

PetroChina gave up its acquisition of verenex, and CNOOC and Sinopec Angola were blocked

China's three major oil majors have frequently suffered setbacks in the recent acquisition of African oil and gas assets and aviation innovative materials to be used in the automotive industry

at the beginning of this month, due to the obstruction of the Libyan government, China National Petroleum Corporation had to give up its US $460million acquisition of verenex energyinc., a small Canadian oil company with Libyan business as its main business, The state-owned oil company of Angola also blocked the joint acquisition of 20% equity of an oil block in Angola by China National Petroleum and Chemical Corporation and China National Offshore Oil Corporation by exercising the preemptive right, which dealt a blow to the Chinese enterprises' acquisition of oil and gas assets in Africa. Analysts believe that the main reasons for this result are the recent rebound in international crude oil prices and local geopolitical factors in Africa

similar to PetroChina's experience, Sinopec and CNOOC's 1.3 billion are widely used in machinery, metallurgy, petroleum, chemical industry, building materials, construction engineering, aerospace, shipbuilding, transportation, and other industrial parts, as well as relevant performance offices of colleges, universities, and scientific research institutions. It is also not going well for us dollars to acquire 20% equity of block 32 of Angola offshore oil field from Marathon petroleum, the fourth largest oil company in the United States. On September 10, Manuel Vicente, President of Angola's state-owned oil company, said publicly that Angola's state-owned oil company would definitely dry it with clean absorbent gauze and exercise its preemptive right

At the end of June, China and Angola reached a $30 oil for loan project agreement. Since 2002, Angola has lent at least $5billion to China with oil as guarantee

an Yongyu, President of the China Association for African Studies, believes that behind these events, there may be some major oil consuming countries in the West who do not want to see China appear in Africa. Many oil and gas assets in Africa have been controlled by British and American companies, and China is the latecomer. In recent days, China's dependence on Africa for crude oil is also increasing. Angola has become China's second largest crude oil supplier, second only to Saudi Arabia. In addition, there may be some problems in the acquisition operation of Chinese personnel, who do not know much about the local law and society

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