Latest News:  

English>>Business

CNOOC answers the question: 'What's next?' (4)

By Zhang Yuwei  (China Daily)

11:11, April 16, 2013

"We are definitely seeing increased Chinese investment in the US, but Chinese investments in critical infrastructure and technology (telecommunications and energy in particular) will continue to be carefully scrutinized by CFIUS and other US agencies," Valenstein added.

Actions defended

CNOOC's Li defended the company's investment - and those by China's State-owned enterprises - early this month at a global energy conference in Houston.

"We are supposedly doing this because we want to haul every barrel of oil back to China, or have other agendas rather than commercial reasons," the CEO said in his first public speech since signing the Nexen deal. "Everyone with knowledge of the global market system can easily figure out that is not true, simply because this notion does not make any commercial sense."

"The only difference with our international peers is I speak better Chinese than the rest of my partners," Li said.

Alberta, where Calgary is located, has some of the largest known reserves of recoverable oil sands in the world, accounting for about 98 percent of Canada's oil reserves, ranking as the world's No 3 in proven crude-oil reserves, according to the Alberta government.

There were 127 operating oil-sands projects in Alberta as of January, five of which are mining.

Ed Whittingham, executive director of the Pembina Institute, a Canadian think-tank that advocates sustainable energy solutions, said that his organization will wait at least one or two years to see what actions will be taken by CNOOC.

Whittingham said Nexen's being "no leader in environmental performance" concerns him and his environmental peers, who believe the oil sands in Canada are "quickly becoming consolidated".

"We don't have any opposition to foreign companies acquiring Canadian ones in order to operate in the oil sands...(but) Any foreign investors should do more than just relying on compliance," he said.

"We need oil-sands operators to go beyond what's required of them by law, go beyond compliance, (to) the truly improved environmental performance, whether it be on land basis, water basis and air basis or climate basis," said Whittingham.

Licata, the New York based energy strategist, said he is encouraged by CNOOC New Energy Investment Co Ltd, a subsidiary founded in 2007 which engages in the development and utilization of renewable and alternative energies, citing it is making "big strides" in the advanced lithium battery and wind markets.

"I would like to see that expand as well as for the company to communicate those alternative energy initiatives better to investors," he said.

【1】 【2】 【3】 【4】



We Recommend:

Apple CEO apologizes over China warranties

Nokia closes its flagship store in Shanghai

The 10 most expensive houses in China

$52 million super luxury yacht

The many stories behind Apple's bite on its logo

Looking abroad for a new home

Email|Print|Comments(Editor:ChenLidan、Ye Xin)

Related Reading

Leave your comment0 comments

  1. Name

  

Selections for you


  1. Chinese navy's warships in drill

  2. Shore-based missile regiment in drill

  3. Venezuela protesters call for full vote recount

  4. People in summer wear in east China

  5. Beijing girl infected with H7N9 recovering

  6. Wedding show at Slender West Lake

  7. Drivers parade of Chinese F1 Grand Prix

  8. New hope for Peking Opera

  9. H7N9 wipes 10 bln yuan from poultry biz

  10. The mini homes in China

Most Popular

Opinions

  1. China Q1 'sound' despite slower growth
  2. Key lessons to improve fiscal transparency
  3. Triple blasts rock Boston, triggering fears of terror
  4. Who makes the massive immigration fraud?
  5. Overcapacity troubles Chinese economy
  6. Survivors say SARS lesson mustn't be forgotten
  7. Chinese takeover not threat: German research
  8. Is strong trade data too good to be true?
  9. Hit film triggers discussion on giving birth abroad
  10. Philanthropists donate less as economy slows

What’s happening in China

Photo: Bird flu fears hits poultry industry

  1. 4-year-old boy's case suggests H7N9 immunity
  2. Crosstalk troupe opens branch in Melbourne
  3. Volunteers sign up for breast-milk bank
  4. Hunan hunt for double killer
  5. Free lunch stirred by ‘suspended’ coffee rage