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NEWS: Canada Signs Energy Deals with China

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posted on Jan, 27 2005 @ 08:19 PM
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The latest country to sign energy contracts with China is Canada. Today they signed deals to develop Uranium mines and oil assets, including the tar sands. The Prime Minister of Canada is on a six-day visit with representatives of 250 Canadian companies to boost commercial ties with our second-largest trading partner. This puts the United States in the difficult position of balancing its commitment to open markets with its desire for secure supplies of energy.

 



www.copvcia.com
Companies including Exxon Mobil Corp., Royal Dutch/Shell Group and Canadian Natural Resources Ltd. plan to spend billions during the next decade to develop Alberta's unconventional oil deposits as demand for crude rises and output from existing fields decline. Oil-sands output in Alberta may double to 2 million barrels a day by 2013, according to a presentation last week by Enbridge Inc.

Enbridge, Canada's second-biggest pipeline company after TransCanada Corp., said last week that PetroChina Co. or China Petroleum and Chemical, the country's two biggest oil companies, will agree by next month to buy oil from Alberta oil sands to meet growing energy demand in China. Calgary-based Enbridge is proposing a C$4 billion ($3.25 billion) pipeline to export Alberta's oil to California, China and other markets

Canadian exports to China totaled C$4.8 billion in 2003, about a quarter of the value of its C$18.6 billion in imports from the world's most-populous nation, the Canadian embassy in Beijing said.

Exports from Canada surged 55 percent in the 10 months ended Oct. 31, 2004, from the same period a year earlier, said Ian Burchett, public affairs counselor at the embassy.


Please visit the link provided for the complete story.


So not only is China playing in the theater of action (East Asia), the backyard (South America), they are now playing in the front yard too.

This is the latest in a series of geopolitical moves by China that have occurred during the last few months. They are discussed in greater detail here

Canadian energy companies will benefit, will the rest of Canadians also benefit?

If we are going to sell off our resources, should we not nationalize them and make sure the profits are put to good use rather than enrich the oil companies?

And how will the US react?

Related News Links:
www.theglobeandmail.com

Related AboveTopSecret.com Discussion Threads:
China a Leader in Scramble for Oil


[edit on 27-1-2005 by Banshee]




posted on Jan, 27 2005 @ 09:01 PM
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With a population of 1.3 billion, they're literally drinking the stuff. They've been quietly buying up a lot of Canada lately...oil...steel.

Hope there'll be enough for us down the road.

Hope they'll save our water for us...the way things are going with the environment we'll need it.



posted on Jan, 27 2005 @ 09:09 PM
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I think it's good for Canada to develop other markets, so we don't rely on the US so heavily. And maybe the Chinese will pay their bills on time, unlike California



posted on Jan, 27 2005 @ 09:25 PM
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The world really should wake up and smell the rotten eggs before it is to late.

China has its own oil reserves that are yet to be explored. More then likely they figure is is better to buy from others until that supply runs out then use their own.



posted on Jan, 27 2005 @ 09:27 PM
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Good for Canada and China! United States no longer has a monopoly on the world, at least we won't soon. Good for us, we will be treated as equals to those whom we have oppressed.



posted on Jan, 27 2005 @ 09:49 PM
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No Way in HELL should Canada Nationalize the oil & gas industry. You are nutz! Socialism doesn't work. Look at Eastern Europe, Russia, & Cuba. They are examples of Countries I DON"T want to live in. In order to develop Canada's oil & gas reserves you need massive profits to pay for exploration. It costs unbelievable amounts of money to search for oil & gas. Besides the Canadian Government has its hand in every aspect of the oil & gas industry as it is. They already are making record profits & royalties as it is.
SOCIALISM HAS BEEN PROVEN UNSUCCESSFULL! STOP CHASING THIS IDIOTIC LIBERAL UTOPIA that will never exist.
The majority of companies drilling for oil & gas in Canada are American, they will simply pull out & leave causing the industry to crash & putting thousands out of work. The Provincial Gov'ts will lose millions in royalties causing tax increases & huge deficits.
THINK BEFORE YOU SPEAK



posted on Jan, 27 2005 @ 09:56 PM
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I would be very surprised if the US were to stop drilling and exploration in Canada. We are their largest supplier, and a friendly one they don't have to worry about threats from, at that. As shots pointed out, China doesn't want to use it's own, and I think this probably applies to the US, too.



posted on Jan, 27 2005 @ 09:58 PM
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Originally posted by BattleofBatoche
The majority of companies drilling for oil & gas in Canada are American, they will simply pull out & leave causing the industry to crash & putting thousands out of work. The Provincial Gov'ts will lose millions in royalties causing tax increases & huge deficits.
THINK BEFORE YOU SPEAK


Is it your fear that makes you speak what you believe you think?



posted on Jan, 27 2005 @ 11:47 PM
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after seeing how walmart is cornering the market on everything i think its safe to say go for it canada.hats off to our pm good job for taking the first of many smart trading steps.

[edit on 27-1-2005 by flukemol]

[edit on 27-1-2005 by flukemol]



posted on Jan, 28 2005 @ 11:23 AM
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"The majority of companies drilling for oil & gas in Canada are American, they will simply pull out & leave causing the industry to crash & putting thousands out of work. The Provincial Gov'ts will lose millions in royalties causing tax increases & huge deficits.
THINK BEFORE YOU SPEAK
"

I'm curious as to what makes you think that the US will pull out their oil companies? US is already in the search for aquiring more oil (Iraq). what makes you think they would want to lose oil?

Tahlen



posted on Jan, 28 2005 @ 05:46 PM
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Originally posted by BattleofBatoche
You are nutz!


I'm sorry... did my question twist your underwear into knots? It's not like I asked for a dictator to be put in charge of Canada with a police/military state complete with death squads and advocating a centrally planned economy. Sheesh!



Socialism doesn't work. Look at Eastern Europe, Russia, & Cuba. They are examples of Countries I DON"T want to live in.


I see you are well travelled and culturally aware of others.





SOCIALISM HAS BEEN PROVEN UNSUCCESSFULL! STOP CHASING THIS IDIOTIC LIBERAL UTOPIA that will never exist.


Socialism does just fine here in Canada and most of Europe.

Ever hear of un-employment insurance? Medical insurance? Schools? Infrastructure? Public transportation? and on... and on... and on... you know. Everything your taxes pay for?... for the good of the public commons?



The majority of companies drilling for oil & gas in Canada are American, they will simply pull out & leave causing the industry to crash & putting thousands out of work. The Provincial Gov'ts will lose millions in royalties causing tax increases & huge deficits.


No they won't. You missed the point entirely. Oil resources are becomming scarce (i.e. demand is outpacing supply) therefore NOBODY is going to "pull out". My question was about who benefits.



THINK BEFORE YOU SPEAK


Indeed!

Are you familiar with irony?

BTW... thanks for reminding me why I don't post much around here anymore.
.



posted on Jan, 28 2005 @ 08:33 PM
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Ever hear of un-employment insurance?




Wow. How does that work and where can I get it? Is it offered in the United States? I want some!



posted on Jan, 28 2005 @ 08:42 PM
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We're letting our leaders sell our countries out from under our feet - to their own families and buddies for gawdsake! At cut rates!

...Personally, I want me, my kids and grandkids to have a piece of the action.

Enough fire sales to the already wealthy.


.



posted on Jan, 28 2005 @ 09:03 PM
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Originally posted by Tahlen
"The majority of companies drilling for oil & gas in Canada are American, they will simply pull out & leave causing the industry to crash & putting thousands out of work. The Provincial Gov'ts will lose millions in royalties causing tax increases & huge deficits.
THINK BEFORE YOU SPEAK
"
This is the utmost in wishful thinking. You make it sound like Canada needs America to develop its oil and gas industry.

I agree with Duzey, it is high time that Canada started diversifying export of all products, where China should only be one of many countries. The less we are dependent on one country, the less our government and corporations feel beholden to that one. Now all we need do is find a way to access the largest heavy oil deposits in the world contained under the ice up north and we are good to go, and it may as well be with the help of deep pockets like China has.



posted on Jan, 28 2005 @ 09:42 PM
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Originally posted by SomewhereinBetween
I agree with Duzey, it is high time that Canada started diversifying export of all products, where China should only be one of many countries. The less we are dependent on one country, the less our government and corporations feel beholden to that one.


Could not agree more!

British Columbia is the perfect jumping off point for increasing trade with all of Asia. In fact I think Canada should be part of ASEAN.

We should also be looking to increasing our trade relationships with the European Union.

It's the only way to avoid going down with the US when their military adventures and record deficit spending, coupled with over 8 trillion dollars of debt finally bankrupts them and the world switches to the Euro as reserve currency.

We need a game plan!

Unfortunately our current crop of politicians are clueless.


Edit:

Originally posted by soficrow
Enough fire sales to the already wealthy.


Agreed... and thanks



[edit on 1/28/2005 by Gools]



posted on Jan, 28 2005 @ 09:45 PM
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This is worse than I could have imagined. China owns BOTH ends of the Panama Canal. China is building the largest cargo facility on the planet in the bahamas, only several hundred miles off the coast of the US - it could easily be converted to a military stronghold, now they are in Canada.
Do the math - this is not adding up to a number that I like the sum of.....



posted on Jan, 28 2005 @ 09:56 PM
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Originally posted by SomewhereinBetween
it is high time that Canada started diversifying export of all products,

Now I'm the one agreeing with you. This is exactly what Canada should be doing. We can't depend on the US to be there for us. With the economy down south the way it is, they will only become more protectionist, not less. And the funny thing is, it probably would have happened faster if Kerry had been elected. When you want to cut your trade deficit, your largest trading partner is going to be at the top of your list.

It is always better to be proactive than reactive.



posted on Jan, 28 2005 @ 10:04 PM
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Originally posted by Gools
British Columbia is the perfect jumping off point for increasing trade with all of Asia. In fact I think Canada should be part of ASEAN.


Our premier, no matter what party, always aggressively pursues them. The Asian market is absolutely enourmous out here, and increasing every day. They are clamoring for product, and just want someone to sell it to them. We have a huge Asian poplulation, and very close economic ties with the Pacific Rim. This is the smart thing for Canada to do.



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