China Continues to Get Energy and Infrastructure Deals Around the Globe In Competition with the USA

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China Swoops In To Claim Lucrative Libyan Infrastructure Deals

Gus Lubin | Aug. 25, 2011, 9:42 AM | 1,801 | 20

Remember how China came away from the Iraq War with some of the most valuable oil deals? Beijing's booty included majority ownership of drilling at the lucrative Missan oil field and majority contracts at Halfaya and Rumaila. Now Beijing seems to be positioning itself for similar deals in Libya. In a phone call with U.S. Secretary General Ban Ki Moon, Chinese Foreign Minister Yang Jiechi said the U.N. should lead redevelopment in Libya, rather than NATO, according to Reuters. China is "willing to work alongside the United Nations to promote a rapid stabilization in Libya and a swift course towards reconciliation and reconstruction," Yang said in a ministry release. China's Ministry of Commerce also weighed in: "We hope to play an active role in rebuilding Libya in the future, together with the international community," spokesman Shen Danyang told a news conference in Beijing.

In a U.N.-led reconstruction program, where contracts might go to the highest bidder, China would benefit greatly. China has money to spend, it knows how to work cheap and it has a huge demand for energy.

China is already investing unprecedented funds in Africa. Now check out 20 signs China is cornering the global oil market. Read more at www.businessinsider.com

 

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