For almost 15 years we have been beating the drum of the - TopicsExpress

For almost 15 years we have been beating the drum of the importance of the oil business for the world, a far cry from peak oil and the cacophony of climate change nonsense. Chinese demand for oil and gas has provided and continues to provide an additional accent. It is moving towards the domination of the oil business and commerce. Chinese oil companies have obliged and filled a void in that country and they have influenced the oil business in hitherto unthinkable ways. More than $200 billion have been invested by Chinese oil companies to buy oil and gas properties throughout the world. Sinopec Group moved up a notch from fifth to fourth on this year’s Fortune Global 500, which was released in June. The list of corporations, which are ranked according to yearly revenue, places the Chinese state-owned oil major’s revenue at $428.2 billion. Seven of the top ten slots belong to oil and gas majors and one energy company.

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