China & Crude: Battling New Frontiers

Flagging of its interest in the black gold this week, China National Oil Corporation secured its place in Iraq. Together with BP, it signed the first big oil deal. Why the sudden interest in oil?

Analysts maintain that China’s rapid industrialisation and hunger for more cars has lead to a serious thirst for oil, one that should keep growing for the next decade, and that has ensured the nation sign deals all over the world.

Brazil’s state-run oil company Petrobras said it had signed a $10 billion loan and a separate supply deal with China.