A similar bid by
Chinese national oil company CNOOC in 2012 for Canadian oilsands company Nexen was successful but was controversial.
British Columbia taxpayers are now subsidizing massive water allocations, road construction and basic scientific research for uneconomic shale gas development by multinational and
Chinese national oil companies.
Not exact matches
Since then, it's been more timid than the two other
Chinese state - owned
oil companies, Sinopec and China
National Petroleum Corp. (parent
company of PetroChina) investing in North America.
Beyond the actual gas project and LNG sales, China's state - run shipping conglomerate COSCO has also secured a 50 percent stake in the four LNG shipping carriers serving Yamal.90
Chinese engineers and workers have been deployed to the Yamal Peninsula to help construct surrounding infrastructure, which includes a
Chinese - produced polar drilling rig.91 Moreover, a
Chinese oil and gas rig producer now provides Russia with about 60 percent of its imported
oil rig supplies, indicating that China is becoming a dominant player in this sphere.92
Chinese media recently hailed Yamal as an example of China's construction and engineering prowess and a symbol of its transformation into an Arctic player.93 In return for China stepping into support the project, senior officials from Novatek, the main shareholder of the project, announced that the first LNG shipment would symbolically go to China.94 But a British subsidiary of Malaysia's Petronas purchased the first shipment of Yamal LNG and sold it to France's Engie, which then shipped the cargo to its Boston import facility for American use.95 Western sanctions on Novatek, Russia's largest independent
national gas producer and a
company with close ties to the Kremlin, made Yamal's pivot to China possible, as sanctions forced Russia to find an alternative source of investment and technology.
In a bid to develop expertise and cut the expense
Chinese state - owned
oil companies, such as Sinopec and China National Offshore Oil Corp., have begun to invest in U.S. shale gas developme
oil companies, such as Sinopec and China
National Offshore
Oil Corp., have begun to invest in U.S. shale gas developme
Oil Corp., have begun to invest in U.S. shale gas development.
Eversheds Sutherland and Herbert Smith Freehills (HSF) have advised two
Chinese energy
companies on their combined $ 2.6 bn (# 2.1 bn) investment in a joint venture with state - owned Abu Dhabi
National Oil Company (ADNOC).
That was certainly the case with the controversial takeover of Calgary - based petroleum giant Nexen by the
Chinese National Offshore
Oil Company in the face of troubling allegations that CNOOC had possibly been implicated in human rights violations in Tibet and Burma.