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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	Post a Reply Back to Topics

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DrivingFool2 Champion Author Wisconsin Posts:2,575 Points:473,485 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:3,606 Points:1,440,560 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:2,919 Points:612,005 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:2,633 Points:589,065 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:3,100 Points:653,605 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:2,061 Points:670,495 Joined:Nov 2007	Message Posted: Nov 5, 2009 5:20:49 AM Ignore stpetebp Report Abuse Money talks
FASTR1 Champion Author Michigan Posts:4,342 Points:664,595 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:2,024 Points:380,275 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 Wisconsin Posts:2,444 Points:419,535 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:2,080 Points:501,230 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:2,069 Points:958,060 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:3,728 Points:1,941,125 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 All-Star Author Macon Posts:742 Points:148,100 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:2,745 Points:672,995 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:6,687 Points:1,857,590 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:3,084 Points:465,400 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:4,061 Points:1,496,880 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:1,732 Points:605,675 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:3,085 Points:1,172,320 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:6,398 Points:1,352,060 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:2,559 Points:449,110 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:1,433 Points:343,325 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:4,281 Points:834,140 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:3,800 Points:862,575 Joined:Apr 2007	Message Posted: Nov 5, 2009 3:24:13 AM Ignore findcheap Report Abuse oil cos r truly international
Edtx2009 All-Star Author Houston Posts:970 Points:209,355 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:2,744 Points:664,925 Joined:May 2005	Message Posted: Nov 5, 2009 2:52:17 AM Ignore AuburnTim Report Abuse ok
carlsonguitars Champion Author Portland Posts:3,495 Points:561,565 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 All-Star Author Houston Posts:885 Points:215,250 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:3,007 Points:550,655 Joined:Aug 2008	Message Posted: Nov 5, 2009 2:40:42 AM Ignore kyrunner Report Abuse Good for EXXON.
GMVAN All-Star Author Calgary Posts:955 Points:256,005 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:2,791 Points:1,192,935 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.
dwgt.net Champion Author Nevada Posts:10,784 Points:1,887,210 Joined:Sep 2004	Message Posted: Nov 5, 2009 2:35:35 AM Ignore dwgt.net Report Abuse Bump, not really related to this site.
sosgas All-Star Author Portland Posts:507 Points:219,705 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:1,223 Points:1,410,055 Joined:Nov 2005	Message Posted: Nov 5, 2009 2:24:50 AM Ignore speedys Report Abuse Money talks.
craigsf38 All-Star Author Rochester Posts:565 Points:387,010 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:420,270 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:2,922 Points:542,025 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:3,393 Points:702,560 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:2,628 Points:508,620 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:1,400 Points:187,070 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:2,795 Points:678,360 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:5,167 Points:451,680 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:2,091 Points:372,180 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:2,768 Points:386,375 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:3,382 Points:842,475 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:16,275 Points:1,193,035 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:2,759 Points:471,520 Joined:Oct 2008	Message Posted: Nov 5, 2009 1:20:52 AM Ignore spike1zz Report Abuse Yawn
grouch311 Champion Author Illinois Posts:3,193 Points:508,655 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