One's Observations

A collection of some things I observe along the way.

Retrieving...

"China is hungry for commodities, and scouring the world to sate its appetite for construction. Just one recent example is that the Aluminum Corp. of China, also known as Chinalco, is reportedly in talks to increase its stake in international mining firm Rio Tinto Group." (Forbes Article)

"Some background on China's recent commodities boom. Recent figures show it holds 1,054 tons of gold, up from 600 tons in 2003; it upped its imports of iron ore to 57 metric tons in April and also increased its imports of other commodities including copper and oil. Specifically, China purchased 399,833 tons of copper in April, a record, vs. 374,957 in March."

"This issue had also been addressed in February, before China's most recent, great leap forward into commodities."

"These actions come in light of quotes from China's Premier Wen Jiabao, where he expressed concern over how much his nation holds in U.S. currency, saying he is "definitely a little worried" over where the greenback could head." (Forbes Article)
"The largest single trade deal in the nation's history [Autralia] - a $50 billion contract to sell liquefied natural gas to China - was sealed in Beijing last night, signalling the resources boom is far from over." "The contract, hailed by the Federal Government as an indicator Australia's relationship with Beijing remains sound, will supply China with gas for 20 years." (Sydney Morning Herald Article) "Russia's LUKOIL said on Tuesday it had signed a deal with Chinese Sinopec to supply it with three million tonnes of crude oil over the next year." "The contract was signed as Russia is boosting its economic ties with resource-hungry China, which has been splashing out massive loans for Russian companies." "LUKOIL, Russia's biggest non-state oil company, said oil from its new Arctic field of South Khylchuyu will be exported to China -- whose annual consumption amounts to almost 400 million tonnes -- by 80.000-tonnes to 140.000-tonnes tankers." (Forbes Article)

0 comments:

Subscribe

Share and Save

Blog directory
Bloggapedia, Blog Directory - Find It!