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China’s oil interests
Along with CNOOC, which is 100-percent owned by the communist Chinese government, Sinopec Group also is purchasing energy interests in the U.S.
Sinopec Group is the largest shareholder of Sinopac Corporation, a state-owned investment company incorporated in 1998 largely to acquire and operate oil and natural gas interests worldwide.
The Wall Street Journal recently compileda state-by-state list of the $17 billion in oil and natural gas equity interests CNOOC and Sinopec have acquired in the U.S. and Canada since 2010.
•Colorado: CNOOC gained a one-third stake in 800,000 acres in northeast Colorado and southwest Wyoming in a $1.27 billion pact with Chesapeake Energy Corporation.
•Louisiana: Sinopec has a one-third interest in 265,000 acres in the Tuscaloosa Marine Shale after a broader $2.5 billion deal with Devon Energy.
•Michigan: Sinopec gained a one-third interest in 350,000 acres in a larger $2.5 billion deal with Devon Energy.
•Ohio: Sinopec acquired a one-third interest in Devon Energy’s 235,000 Utica Shale acres in a larger $2.5 billion deal.
•Oklahoma: Sinopec has a one-third interest in 215,000 acres in a broader $2.5 billion deal with Devon Energy.
•Texas: CNOOC acquired a one-third interest in Chesapeake Energy’s 600,000 acres in the Eagle Ford Shale in a $2.16-billion deal.
•Wyoming: CNOOC has a one-third stake in northeast Colorado and southeast Wyoming after a $1.27 billion pact with Chesapeake Energy. Sinopec gained a one-third interest in Devon Energy’s 320,000 acres as part of a larger $2.5 billion deal.
The Wall Street Journal reported China’s strategy – implemented since 2010 by Fu Chengyu, who has served as chairman of both CNOOC and Sniopec – is to “seek minority stakes, play a passive role, and, in a nod to U.S. regulators, keep Chinese personnel at arm’s length from advanced U.S. technology.”
I have no earthly idea. You wanted to know why the Executive Branch was allowed to review and override corporate transactions... I answered.