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Sinopec, Exxon reach deal for Papua New Guinea gas

The Houston Chronicle -- BEIJING — State-owned Sinopec Corp. said Thursday it has reached a preliminary agreement with Exxon Mobil Corp. to buy 2 million tons of liquefied natural gas annually from a project under development in Papua New Guinea.

The deal comes amid a flurry of agreements by Chinese state-owned energy companies to secure foreign oil and gas supplies for the country's booming economy.

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Submitted Nov 05, 2009 By: FredVx464

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Author	Topic: Sinopec, Exxon reach deal for Papua New Guinea gas	Topic is locked Back to Topics

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DrivingFool2 Champion Author Appleton Posts:6,187 Points:1,146,390 Joined:Apr 2005	Message Posted: Nov 5, 2009 5:51:40 AM Ignore DrivingFool2 Report Abuse China is on a march that Japan started in the 1940's.
Petrock Champion Author Lexington Posts:6,772 Points:2,092,870 Joined:Apr 2005	Message Posted: Nov 5, 2009 5:47:58 AM Ignore Petrock Report Abuse So is Exxon Mobil buying LPG for the U.S. market or are they also planning to sell it to China? While we may be using the most energy, China will soon have the most money.
RLH68 Champion Author Orlando Posts:3,961 Points:732,000 Joined:Jun 2007	Message Posted: Nov 5, 2009 5:32:02 AM Ignore RLH68 Report Abuse More government involvement.
Grismer Champion Author Kitchener-Waterloo Posts:6,273 Points:1,274,470 Joined:Apr 2008	Message Posted: Nov 5, 2009 5:25:49 AM Ignore Grismer Report Abuse This agreement between these two corporations speaks volumes.
skippypa Champion Author Hawaii Posts:6,110 Points:1,275,980 Joined:Jun 2008	Message Posted: Nov 5, 2009 5:25:47 AM Ignore skippypa Report Abuse I thought we had an abundance of natural gas here in the states? Why are we making deals with China and buying foreign natural gas?
Bleeder Champion Author Virginia Posts:6,143 Points:1,270,680 Joined:Jan 2008	Message Posted: Nov 5, 2009 5:20:58 AM Ignore Bleeder Report Abuse They are growing and they are already a massive country.
stpetebp Champion Author Tampa Posts:4,135 Points:1,287,550 Joined:Nov 2007	Message Posted: Nov 5, 2009 5:20:49 AM Ignore stpetebp Report Abuse Money talks
FASTR1 Champion Author Michigan Posts:5,432 Points:870,095 Joined:May 2007	Message Posted: Nov 5, 2009 5:12:37 AM Ignore FASTR1 Report Abuse wonder how long 2 million tons with last them.
TIGERPAW46 Champion Author Florida Posts:5,163 Points:966,860 Joined:Mar 2004	Message Posted: Nov 5, 2009 5:07:27 AM Ignore TIGERPAW46 Report Abuse Iraq bragged of their million man army, Under supplied under trained and left to fend for themselves surrendered in masses. But, a million troops are just a drop in the bucket to China. Remember if you killed one every second you couldn't wipe out their population. [Edited by: TIGERPAW46 at 11/5/2009 5:08:31 AM EST]
hybridaholic Champion Author Appleton Posts:5,996 Points:1,095,490 Joined:Dec 2008	Message Posted: Nov 5, 2009 4:54:37 AM Ignore hybridaholic Report Abuse China, the Warren Buffett of countries!
spiderjay Champion Author Little Rock Posts:3,304 Points:959,005 Joined:Oct 2005	Message Posted: Nov 5, 2009 4:44:34 AM Ignore spiderjay Report Abuse new gas users welcome welcome make sure they get a b c grog mug like marathon gave out with each tank full
wegman Champion Author Twin Cities Posts:5,501 Points:1,629,585 Joined:Jun 2001	Message Posted: Nov 5, 2009 4:42:24 AM Ignore wegman Report Abuse The Red Chinese mandarins in Peking are working to get some of their own oil. And they probably want to steal Exxon's technology as well. Papua New Guinea, like much of the Third World, has a government most of the West holds its nose when dealing with. The Commies have no such scruples (considering what they do to their own people their only complaint is the inefficiency of the repression). But, we have a deep water navy and the Red Chinese do not so if push came to shove, it isn't a secure supply for the totalitarian Chinese.
HawaiianGuy Champion Author Idaho Posts:7,185 Points:2,619,320 Joined:May 2003	Message Posted: Nov 5, 2009 4:42:13 AM Ignore HawaiianGuy Report Abuse We owe China so much that we'll never get out from under it. We can thank the Messiah for that. Happy with your "change"?
rowing Champion Author Macon Posts:1,056 Points:632,505 Joined:Sep 2009	Message Posted: Nov 5, 2009 4:24:54 AM Ignore rowing Report Abuse China is getting a hold
BigDogOH Champion Author Cincinnati Posts:6,138 Points:1,342,870 Joined:Mar 2008	Message Posted: Nov 5, 2009 4:22:11 AM Ignore BigDogOH Report Abuse China, The new world Super power
jmg144 Champion Author Maryland Posts:8,342 Points:2,493,870 Joined:Jul 2004	Message Posted: Nov 5, 2009 4:20:20 AM Ignore jmg144 Report Abuse Continued China's growth will cause US gas prices to remain high
granitestater Champion Author New Hampshire Posts:6,324 Points:1,020,420 Joined:Oct 2008	Message Posted: Nov 5, 2009 4:20:20 AM Ignore granitestater Report Abuse China sez: Recession? What recession?? ...It doesn't matter how much we conserve. China will suck up all the gas we don't buy. And the price will stay high. [Edited by: granitestater at 11/5/2009 4:22:03 AM EST]
fratt Champion Author Grand Rapids Posts:7,504 Points:2,181,330 Joined:Jul 2005	Message Posted: Nov 5, 2009 4:09:39 AM Ignore fratt Report Abuse Follow the money!
NotTom Champion Author New Hampshire Posts:4,110 Points:1,069,185 Joined:Aug 2005	Message Posted: Nov 5, 2009 4:07:34 AM Ignore NotTom Report Abuse China is providing cheap labor with no environmental regulations. This is not a good trend.
camel1 Champion Author Minnesota Posts:6,055 Points:1,817,490 Joined:Jul 2006	Message Posted: Nov 5, 2009 4:00:27 AM Ignore camel1 Report Abuse Another American supplying China
lpj Champion Author Macon Posts:8,583 Points:1,700,640 Joined:Apr 2006	Message Posted: Nov 5, 2009 3:51:35 AM Ignore lpj Report Abuse china will have everything soon , they buying all our debt up , gas oil everything they can get their hands on !!!
twobroke61 Champion Author Michigan Posts:6,060 Points:1,131,915 Joined:Sep 2008	Message Posted: Nov 5, 2009 3:42:49 AM Ignore twobroke61 Report Abuse be ready China is slowly buying into this country and will soon be the leader they just bought out a rubber co and own quite a few others also in this country
Tundralimited2009 Champion Author Dallas Posts:32,717 Points:1,029,875 Joined:Feb 2009	Message Posted: Nov 5, 2009 3:36:46 AM Ignore Tundralimited2009 Report Abuse You just now noticed China...........
ED6 Champion Author Riverside Posts:7,552 Points:1,471,570 Joined:Jul 2007	Message Posted: Nov 5, 2009 3:34:14 AM Ignore ED6 Report Abuse China is flexing their financial muscle all over the world.
findcheap Champion Author Los Angeles Posts:7,246 Points:1,544,945 Joined:Apr 2007	Message Posted: Nov 5, 2009 3:24:13 AM Ignore findcheap Report Abuse oil cos r truly international
Edtx2009 Champion Author Houston Posts:1,847 Points:366,325 Joined:Jun 2009	Message Posted: Nov 5, 2009 3:04:10 AM Ignore Edtx2009 Report Abuse And how does this impact Gas prices in the U.S.?
AuburnTim Champion Author Indiana Posts:5,709 Points:1,286,965 Joined:May 2005	Message Posted: Nov 5, 2009 2:52:17 AM Ignore AuburnTim Report Abuse ok
carlsonguitars Champion Author Portland Posts:4,641 Points:782,530 Joined:Jan 2008	Message Posted: Nov 5, 2009 2:50:04 AM Ignore carlsonguitars Report Abuse great.... exploiting yet another 3rd world country... I wonder if they will store waste in bottomless pits that will end up killing people and animals like Chevron did.... UGH!!!!
comprof Champion Author Houston Posts:4,387 Points:897,355 Joined:Jul 2009	Message Posted: Nov 5, 2009 2:42:59 AM Ignore comprof Report Abuse kyrunner & GMVAN: I agree with both of you.
kyrunner Champion Author Lexington Posts:6,605 Points:1,234,365 Joined:Aug 2008	Message Posted: Nov 5, 2009 2:40:42 AM Ignore kyrunner Report Abuse Good for EXXON.
GMVAN Champion Author Calgary Posts:4,405 Points:934,555 Joined:Apr 2009	Message Posted: Nov 5, 2009 2:38:12 AM Ignore GMVAN Report Abuse Exxon will make money out of that deal.
LoneGuy Champion Author Lansing Posts:6,158 Points:1,858,730 Joined:Aug 2005	Message Posted: Nov 5, 2009 2:37:55 AM Ignore LoneGuy Report Abuse So where is our country while this is going on? We are letting others secure their future while we fiddle with a health care bill that will likely cause rationing and bankrupt the country and also carbon cap and trade legislation that will hand our competion a copetitive advantage while the globe is cooling. Welcome to third world status.
EVBuddy Champion Author Nevada Posts:14,343 Points:2,569,615 Joined:Sep 2004	Message Posted: Nov 5, 2009 2:35:35 AM Ignore EVBuddy Report Abuse Bump, not really related to this site.
sosgas All-Star Author Portland Posts:786 Points:396,860 Joined:Feb 2009	Message Posted: Nov 5, 2009 2:33:58 AM Ignore sosgas Report Abuse Maybe papua NEw GUINEA HAVE NEW BILLIONAiRES ?
speedys Champion Author Utah Posts:4,674 Points:2,094,305 Joined:Nov 2005	Message Posted: Nov 5, 2009 2:24:50 AM Ignore speedys Report Abuse Money talks.
craigsf38 Champion Author Rochester Posts:3,430 Points:1,048,090 Joined:Jun 2008	Message Posted: Nov 5, 2009 2:10:57 AM Ignore craigsf38 Report Abuse The Chinese will do what ever they feel they have to control their economic future long term. if that means getting control over energy then that is what they will do
tom11743 Champion Author North Carolina Posts:1,740 Points:423,495 Joined:May 2005	Message Posted: Nov 5, 2009 2:09:42 AM Ignore tom11743 Report Abuse The are energy manipulators.
nurdco Champion Author Colorado Springs Posts:6,605 Points:1,229,460 Joined:Apr 2008	Message Posted: Nov 5, 2009 2:05:32 AM Ignore nurdco Report Abuse Chinese will secure ANY Fuels that may be available...
jadeusa Champion Author Dallas Posts:6,905 Points:1,372,935 Joined:Sep 2005	Message Posted: Nov 5, 2009 2:05:02 AM Ignore jadeusa Report Abuse We need an energy plan now. Should include alternatives in the future, but have incentives to drill here and drill now.
Number43 Champion Author Lexington Posts:6,304 Points:1,191,830 Joined:Oct 2008	Message Posted: Nov 5, 2009 2:04:13 AM Ignore Number43 Report Abuse China knows there is plenty of oil and gas in the world, and they shoot tree huggers who get in the way.
snappyray09 Champion Author Arkansas Posts:20,093 Points:873,470 Joined:Sep 2009	Message Posted: Nov 5, 2009 1:54:50 AM Ignore snappyray09 Report Abuse I say we need to go for it..
jcurley Champion Author California Posts:5,650 Points:1,324,595 Joined:Dec 2007	Message Posted: Nov 5, 2009 1:52:39 AM Ignore jcurley Report Abuse Maybe we need state-owned energy companies here. That way, we can drill here, drill now, drill wherever we want. What do you think?
RENEGADEGAS Champion Author Missouri Posts:12,075 Points:1,129,130 Joined:Jul 2008	Message Posted: Nov 5, 2009 1:49:56 AM Ignore RENEGADEGAS Report Abuse OK
CoffeeTrader Champion Author Victoria Posts:2,412 Points:443,680 Joined:Sep 2008	Message Posted: Nov 5, 2009 1:48:58 AM Ignore CoffeeTrader Report Abuse Obviously money talks.
pbc2001 Champion Author Dallas Posts:2,316 Points:417,405 Joined:Feb 2009	Message Posted: Nov 5, 2009 1:36:03 AM Ignore pbc2001 Report Abuse We shall see how it will actually work out.
UncleCurt Champion Author Winnipeg Posts:4,583 Points:779,215 Joined:Feb 2009	Message Posted: Nov 5, 2009 1:33:13 AM Ignore UncleCurt Report Abuse Talk about two empires coming together for the ooze.
Saturn93 Champion Author Salt Lake City Posts:6,577 Points:1,489,925 Joined:Oct 2006	Message Posted: Nov 5, 2009 1:23:30 AM Ignore Saturn93 Report Abuse Why not develop our own reserves?
tomok Champion Author Portland Posts:24,670 Points:1,880,560 Joined:Aug 2006	Message Posted: Nov 5, 2009 1:23:01 AM Ignore tomok Report Abuse China has all that US manufacturing money to buy energy, Exxon will sell to anyone with money. China will need that natural gas (LNG) for their vehicles.
spike1zz Champion Author Indiana Posts:8,780 Points:1,156,970 Joined:Oct 2008	Message Posted: Nov 5, 2009 1:20:52 AM Ignore spike1zz Report Abuse Yawn
grouch311 Champion Author Illinois Posts:6,021 Points:1,156,215 Joined:Jun 2007	Message Posted: Nov 5, 2009 1:20:01 AM Ignore grouch311 Report Abuse good for China, they've got a supply deal