Okay, so no surprise there.
So the Chinese have been eating our lunch in many sectors, and since 2003 or so, they have been drinking ‘our’ oil, too. Thanks, Bushie! You know I say ‘our’ only alliteratively, though sadly, we have always acted like it is ‘ours’ literally. Yeah, yeah, call me one of those ‘hate America, firsters,’ Pat Buchanan. How ‘bout ‘hate American stupidity, hypocrisy firster’? That would be more accurate.
My stumbling upon an article today in an Egyptian paper was an interesting contrast to the Charlie Rose interview I watched last night with buffoon, President of Shell Oil, USA, John Hofmeister , I hope you’re reading the following, Mr. Hofmeister.
More on (moron?) Shell Oil, etc. below the fold.
You say Moran, I say Moron.
So, true to form for the Administration of the Imperial Child, like himself, another vaunted mogul (Cheney, Dick*) and ‘expert’ on a given subject proves to know nothing. Memory lane side trip: Condi/Russia, Bolton/diplomacy, Brownie/FEMA, Gonsalez/law... ok, I can’t be here all day.
Mr. Hofmeister is not very creative and, as you would predict, decries all these terrible restrictions on domestic oil exploration and retrieval (though he conceded that AWAR oil supplies aren’t large enough to make it worth the effort to fight for it). Uh, hellooo in there...? How about your industry’s own stewardship of energy and environment that has been the cause of your resulting confinement by the public?
More partnerships and oil-smart strategies from China emerge in Egypt.
So, while it isn't "news" that China has been very busy securing relationships with oil-producing countries that Chimpy and Cheney have been pissing-off around the world, this is yet another significant one.
Various snips...
"Although Egypt and China have long been good economic partners, cooperation in the petroleum sector between both countries is rather new," stated Wu Chunhua, China's ambassador to Cairo, this week .
snip
On the exploration front, Tharwa Petroleum Company was established in 2004 with an authorised capital of $800 million and issued capital of $400 million, to explore, produce and transport oil inside and outside the country. The company was awarded five concession areas in the Western Desert and the Mediterranean; two more areas were handed in 2007.
According to chairman Mohamed El-Gohari, the company was contracted to produce three onshore drilling rigs for Sino Tharwa Company, another Egyptian-Chinese joint venture established in 2005 to own and operate drilling rigs. "The company is planning to produce 20 more drilling rigs, which is the factory's designed capacity by 2011," El-Gohari said.
snip
Sinopec Star Petroleum Company on the Chinese side, to locally own and operate a total of 21 rigs by 2011 at a total investment of $300 million.
"In less than two years, the company has grown to become the second largest rig operator in the Egyptian petroleum sector.."
snip
Recently, the company has been pursuing another challenge, namely building the first ever offshore jack-up rig to be used at significant underwater depth of 400 feet. The investment cost of the project is estimated at $250 million.
Hmmm... $250 million. That's about, what? Two hours of Iraq War cash-burning?
Thanks, Bushie, heckuva job!
And get off your ass, Hofmeister and stop crying in your navel about US offshore drilling restrictions. By your own admission, there is oil out there in the world - go get it! (Of course, I'm cutting you a ton of slack regarding alternative energy, but I know you just can't 'go there'!).