CHINA BUYING OIL IN TEXAS, CANADA, IRAQ, SUDAN

CHINA IS BUYING ALL THE OIL IT CAN, ANYWHERE IT CAN, BUT, FOR NOW, CHINA IS LOSING OIL IN SUDAN, SOUTH SUDAN, BECAUSE OF THE CIVIL WAR.
THIS COMES AFTER ITS HUGE LOSSES IN LIBYA AFTER GADDAFI WAS KILLED.
BUT WHILE CHINA MAY BE FEARFUL OF LOSING MORE OIL FIELDS, BETWEEN 3 MILLION AND 4.7 MILLION SUDANESE PEOPLE ARE FACING A FOOD CRISIS.
<<More than one million people have been forced from their homes by the ongoing conflict in South Sudan, the UN says.

Of these, 803,200 have been displaced within the country, and another 254,000 have fled to neighboring countries.
In its report, the UN Office for the Coordination of Humanitarian Affairs (OCHA) said the conflict had caused "a serious deterioration in the food security situation" leaving around 3.7 million people at high risk.
"Fighting between government and opposition forces has continued, especially in Jonglei, Unity and Upper Nile state, where towns and rural areas have been ravaged by the violence," it added.
The UN estimates that 4.9 million are in need of humanitarian assistance, but it warned that "the remote and dispersed placement sites make it difficult to reach many of South Sudan's conflict-affected people".>>
SPEND BILLIONS FOR OIL OR FOR FOOD FOR HUMAN BEINGS?
THE WHOLE WORLD CHOOSES OIL, INCLUDING THE U.S.!

CHINA'S NEWLY ACQUIRED OIL FIELDS AT RISK
<<Some of the largest oil fields China operates are in areas controlled by fighters backing Riek Machar, the country's vice-president until he was sacked in July.
Oil production has already dropped by 20% since the onset of the conflict three weeks ago and more than 300 Chinese workers have been evacuated.
China invested some $20bn (£12bn) in Sudan before it split into two countries in 2011, according to Chinese media reports.
Another $8bn was pledged to President Kiir during his visit to China the year following secession, to be used for infrastructure projects and the oil sector.
The heavy investment seems to have borne fruit, as in the first 10 months of 2013, China imported 1.9 million tonnes of oil (nearly 14 million barrels) from South Sudan, twice as much as China imports from Nigeria each year.

The spectre of their Libyan experience also weighs heavily on the Chinese minds - project after project now lies deserted [IN LIBYA] because of heavy fighting during the Arab Spring uprising of 2011, inflicting huge losses on China.
Two years ago, China suffered heavy losses in its Libyan projects, including infrastructure, telecommunications and oil.
Many constructions were halted and sites looted or destroyed during the revolution which toppled long-time leader Muammar Gaddafi.
The total loss was estimated by several Chinese media reports to be in the region of $20bn, although no official figures exist.

More than half of China's investment in the overseas oil sector is found in areas which are considered unstable, including Iran, Nigeria, Sudan, South Sudan and Venezuela. .

Some Chinese oil workers kidnapped in Sudan died during rescue efforts.

A stronger yuan would also make OIL purchases cheaper for theChinese. The People’s Bank of China said on June 19 it may allow the yuan to move higher, abandoning the 6.83 yuan peg to the dollar adopted during the global financial crisis to shield exporters. The yuan climbed 0.4 percent to 6.7976 per dollar in the first trading day after the announcement.

“One of the advantages the big Chinese oil companies have is government support, it’s an open secret,” said Gideon Lo, an energy analyst at DBS Vickers Hong Kong Ltd. “The government establishes high-level contacts with oil-producing countries. Once this is done, the oil companies can come in and negotiate.”

OIL OPPORTUNITIES ABOUND
PetroChina Co., which vies with Exxon Mobil Corp. as the world’s biggest company by market value, wants half its oil to come from overseas by 2020, Chairman Jiang Jiemin said in March. Less than a tenth comes from abroad now.

China Petrochemical, known as Sinopec Group, agreed to buy a 9 percent stake in Syncrude Canada Ltd. for $4.65 billion, or $650 million more than the high end of an estimate by Macquarie Securities.
Sinopec bought Addax Petroleum Corp. last year for C$8.3 billion ($7.9 billion), gaining licenses in Nigeria, Gabon and Cameroon. Chinese oil companies also have African assets in Kenya, Niger, Algeria, Equatorial Guinea, Mauritania, Libya, Tunisia, Sudan and Chad.

CHINA ALSO BOUGHT INTO A TEXAS OIL FIELD LAST YEAR.
China’s state owned petrochemical giant Sinochem (SHA: 600500) acquired a 40 percent in Wolfcamp, a well-known shale oil and gas field in the Permian Basin of Texas.
Pioneer Natural Resources (PXD) of Irving, Texas said this week that it sold a 40 percent stake in its Wolfcamp field for a total price of $1.7 billion. 

WHO REAPED THE BIGGEST REWARDS FROM THE IRAQ OIL FIELDS TAKEOVERS?
CHINA.
Since the American-led invasion of 2003, Iraq has become one of the world’s top oil producers, and China is now its biggest customer.
“The Chinese are the biggest beneficiary of this post-Saddam oil boom in Iraq,” said Denise Natali, a Middle East expert at the National Defense University in Washington.
Michael Makovsky, a former Defense Department official in the Bush administration who worked on Iraq oil policy said, “The Chinese had nothing to do with the war, but from an economic standpoint they are benefiting from it, and our Fifth Fleet and air forces are helping to assure their supply.”

“The financial firepower that the Chinese companies have is a factor,” Tom Deegan, Hong Kong-based head of energy and infrastructure at lawyers Simmons & Simmons, said. “They have access to capital and finance through Chinese banks which have the liquidity.

Unlike the executives of Western oil giants like Exxon Mobil, the Chinese happily accept the strict terms of Iraq’s oil contracts, which yield only minimal profits. China is more interested in energy to fuel its economy than profits to enrich its oil giants.

Chinese companies do not have to answer to shareholders, pay dividends or even generate profits. They are tools of Beijing’s foreign policy of securing a supply of energy for its increasingly prosperous and energy hungry population. “We don’t have any problems with them,” said Abdul Mahdi al-Meedi, an Iraqi Oil Ministry official who handles contracts with foreign oil companies. “They are very cooperative. There’s a big difference, the Chinese companies are state companies, while Exxon or BP or Shell are different.”

“They offer a lot of capital and a willingness to get in quickly and with a high appetite for risk,” said Badhr Jafar, president of Crescent Petroleum, an independent oil and gas company based in the United Arab Emirates and a big gas producer in Iraq. He said the Chinese were vital to Iraq’s efforts to expand oil production, adding, “They don’t have to go through hoops to get people on the ground and working.”

I MUST AGREE WITH ONE WHO COMMENTED ON THE IRAQ/CHINA OIL DEAL, FOR HIS ANGER WAS DIRECTED IN THE PROPER DIRECTION...
HE SAID:
<<So, we borrowed billions from China, and thousands died, in an unnecessary war, that results in the US providing, and still protecting, a new energy supply for China, as their manufacturing displaces ours. And, we put Iran's allies in power in Iraq, allowing the passage of arms and fighters to defend our adversary the Assad regime in Syria, expanding Iran's influence, reducing Iran's defense costs (with Saddam gone), and freeing up Iranian resources for their nuclear weapons development program.

Sounds like Bush, Cheney, Rumsfeld, and Wolfowitz engineered a major strategic defeat for the United States. Loss of lives, military capability, billions of dollars, influence and safety. And they markedly strengthened our adversaries, [BOTH] economic and terrorist. All while trashing the US economy. Talk about multi-tasking! When will Bush, Cheney, Rumsfeld and Wolfowitz be nominated for the awards they deserve?>>

YES, THAT'S ABOUT THE RESULTS THAT CAME OF IT; AMERICA BEGAN A SORT OF ECONOMIC "DEATH SPIRAL" DOWNWARD...AND CHINA MARCHES EVER ONWARD TO THE TOP OF THE HEAP, IN MANUFACTURING, ACQUIRING OIL FIELDS, ACQUIRING DIAMONDS, AND GOLD.

The U.S. is on its way out as the world’s No. 1 oil importer, according to energy market researchers at Woods Mackenzie.  That coveted (or not so coveted) title will belong to none other than China. 
“The price China pays will far outstrip the peak cost ever incurred by the U.S. of $335 billion annually with U.S. import spend falling to only $160 billion annually by 2020,” Wood Mackenzie said in a press release last week.
This isn’t the greatest news for China, to be honest. It might be supportive of oil futures, but oil is the most costly, volatile fossil fuel around. The government wants to go green. The turning point for Chinese crude oil imports to surpass the US will be around 2017.

HOW CAN THE CHINESE ECONOMY AFFORD SUCH ENORMOUS EXPENDITURES AND STILL KEEP CLIMBING TO THE TOP OF THE GLOBAL MARKET?
MAYBE AMERICA SHOULD HIRE SOME OF THE MINDS THAT ARE SKYROCKETING CHINA TO THE TOP?
BUT THEY ARE NOT FOR HIRE...