Precaution against Western sanctions: China offloads Western assets

earth_imperator said:
Precaution against Western sanctions: China offloads Western assets
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Chinese energy giant considers offloading Western assets – media
PetroChina may withdraw from Australian and Canadian projects, according to Reuters
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Reuters doesnt mention what RT.com says: "PetroChina’s sales plan follows a similar strategic shift by another Chinese energy major, CNOOC, which was preparing to exit its operations in Britain, Canada, and the US due to concerns that the assets could become subject to Western sanctions."

Reuters quotes:....

Unlike CNOOC's sales, PetroChina's divestitures are driven more by the assets' disappointing economics than any fear of U.S. sanctions as it does not own any oil and gas assets in the United States, though political strains with Australia and Canada also played a part, they said.

The state oil and gas major hopes to sell some of these assets, which have incurred billions of dollars of losses and are in areas where the company cannot easily compete, in the next two years, the sources said.

"Australian gas assets - both Arrow Energy and Browse -- are considered among the top 'negative assets' in PetroChina's global portfolio. It's also an area where CNPC has little competitive edge," said one of the sources.

PetroChina bought Arrow Energy in 2010 for $2.5 billion via a joint-venture with Shell (SHEL.L), in its first investment in Australia's coal seam gas sector. It purchased BHP's stake in Browse, Australia's largest untapped gas resource, in 2013 for $1.63 billion.

The company is also looking to offload the wholly-owned MacKay River Oilsands and Dover Oilsands projects in Canada because of losses producing and processing the tar-like fuel into bitumen, the sources added.

PetroChina declined to comment.
 
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The Chinese have seen what happened to Russian assets in the West...
Property rights and laws don't count anymore in the West, especially of adversary countries.
The hollow West...
 
earth_imperator said:
The Chinese have seen what happened to Russian assets in the West...
Property rights and laws don't count anymore in the West, especially of adversary countries.
The hollow West...
More...
Keep on with the reading of russian news.
train-newspaper-seat-chair.jpg
 
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themickey said:
Reuters doesnt mention what RT.com says: "PetroChina’s sales plan follows a similar strategic shift by another Chinese energy major, CNOOC, which was preparing to exit its operations in Britain, Canada, and the US due to concerns that the assets could become subject to Western sanctions."

Reuters quotes:....

Unlike CNOOC's sales, PetroChina's divestitures are driven more by the assets' disappointing economics than any fear of U.S. sanctions as it does not own any oil and gas assets in the United States, though political strains with Australia and Canada also played a part, they said.

The state oil and gas major hopes to sell some of these assets, which have incurred billions of dollars of losses and are in areas where the company cannot easily compete, in the next two years, the sources said.

"Australian gas assets - both Arrow Energy and Browse -- are considered among the top 'negative assets' in PetroChina's global portfolio. It's also an area where CNPC has little competitive edge," said one of the sources.

PetroChina bought Arrow Energy in 2010 for $2.5 billion via a joint-venture with Shell (SHEL.L), in its first investment in Australia's coal seam gas sector. It purchased BHP's stake in Browse, Australia's largest untapped gas resource, in 2013 for $1.63 billion.

The company is also looking to offload the wholly-owned MacKay River Oilsands and Dover Oilsands projects in Canada because of losses producing and processing the tar-like fuel into bitumen, the sources added.

PetroChina declined to comment.
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Ok so China is set to invade Taiwan then otherwise why is it all of sudden so concerned about sanctions now? LOL It's been invested in western assets in decades and it's worried about the assets' performance now? LOL They performed lot worse in 2008 and I didn't hear about any divestures.
 
themickey said:
Keep on with the reading of russian news.
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Hey Mickey, you can't be well-informed nor objective, if you don't follow also the media of the other side. Don't you agree?
I know both sides, but you know only your own side, ie. you are trapped in a filter bubble, ie. ideological frame...
So, IMO it's you who lacks the information and the truth. Q.E.D.
 
earth_imperator said:
Hey Mickey, you can't be well-informed nor objective, if you don't follow also the media of the other side. Don't you agree?
I know both sides, but you know only your own side, ie. you are trapped in a filter bubble, ie. ideological frame...
So, IMO it's you who lacks the information and the truth. Q.E.D.
More...
Ya, we could debate forever about the merits of our superior team we support, but neither side will relinquish an inch, so futile arguing.
I'm dug in, preferring the west's side, it's not perfect, but at least we have freedom of speech.
You too can enjoy freedom of speech on ET, strange you should enjoy that while criticizing the 'hollow west'.
 
earth_imperator said:
The Chinese have seen what happened to Russian assets in the West...
Property rights and laws don't count anymore in the West, especially of adversary countries.
The hollow West...
More...

Property right and Laws never counted in the East, especially of non-freedom supporting countries.
The hollow East…
 
themickey said:
Ya, we could debate forever about the merits of our superior team we support, but neither side will relinquish an inch, so futile arguing.
I'm dug in, preferring the west's side, it's not perfect, but at least we have freedom of speech.
You too can enjoy freedom of speech on ET, strange you should enjoy that while criticizing the 'hollow west'.
More...

hes a Turk enjoying the freedoms of Germany while criticizing anything that promotes freedom.
 
themickey said:
Ya, we could debate forever about the merits of our superior team we support, but neither side will relinquish an inch, so futile arguing.
I'm dug in, preferring the west's side, it's not perfect, but at least we have freedom of speech.
You too can enjoy freedom of speech on ET, strange you should enjoy that while criticizing the 'hollow west'.
More...
Right :) I criticize the West so that it returns to true values, not hollow Western propaganda & lies of nowadays.
 
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