China's Banks Ease Foreign Energy Deals
中国正在向急需资金的各国政府提供贷款，在全球大举锁定能源资源。哈萨克斯坦总统上周五访问中国期间宣布与中国达成了一项100亿美元的石油换贷款协议。根据协议，哈萨克斯坦将获得资金用于新投资项目，而中国将获得该国一个主要石油公司的半数股权，以及未来能源合作的优先权。中国今年已经与俄罗斯巴西和委内瑞拉等国的国有石油公司达成了数项类似的协议。今年2月，中国国家开发银行向俄罗斯最大的国家石油公司OAO Rosneft和输油管道运营商OAO Transneft提供了250亿美元的融资协议；作为交换，俄罗斯将通过一条目前正在修建的输油管道向中国每天提供大约30万桶石油。中国提供信贷的意愿，给中国国有石油公司在与埃克森美孚(Exxon Mobil Corp.)雪佛龙(Chevron Corp.)和英国石油公司(BP PLC.)等西方对手的竞争中助了一臂之力。根据与中国公司合作的银行业人士透露，中国政府更喜欢融资收购使得中国石油公司直接获得资源所有权，但如果外国政府所有的石油公司能给中国石油公司带来获得未来勘探项目的特殊渠道，或是能够保证石油供应，中国政府也向这些外国国有石油公司直接提供贷款。在最近这笔交易中，中国石油天然气集团公司和哈萨克斯坦政府所有的哈萨克斯坦国家油气股份公司(KazMunaiGas)将携手从印尼中亚石油公司（Central Asia Petroleum Ltd）那里收购曼格什套油气公司(MangistauMunaiGas)。根据协议，中石油将向哈萨克斯坦国家油气股份公司提供50亿美元贷款，换得未来项目的优先权益；中国进出口银行将向哈萨克斯坦发展银行(Development Bank)提供50亿美元贷款，用于投资基础设施建设。乔治华盛顿大学(George Washington University)的国际关系教授哈丁(Harry Harding)说，中国进行这些交易有两个目的，一方面是给中国国有石油公司带来海外产油的能力……另一方面也是担心经济危机会令他们在国际石油市场上处于不利地位。对中国国有石油公司来说，直接收购海外石油公司并不容易。即便在欢迎中国投资的国家中，对中国完全控制自然资源的反对情绪也很常见，因此中国石油公司如果和当地石油公司合作从事某个项目或开发，成功的机会要大很多。由于美国议员的反对，中国海洋石油有限公司2005年斥资185亿美元收购加州联合石油公司(UNOCAL Corporation)的交易最终流产。中海油董事会主席傅成玉周日说，出于对贸易保护主义的担忧，中海油正对此类收购持谨慎态度。傅成玉在中国南部博鳌的商界和政界领袖会议上说，我们选择组建合资企业，以便当地政府和公司能够更容易接受。中国政府持有石油公司和银行的所有权，这使得中国可以向需要资金的外国政府提供融资以投资于它们的优先项目，以换得自然资源。西方石油公司则没有类似的支持以帮助它们获得有利的条件。为中国从事海外能源交易提供财力支持的是两家政策性银行，中国国家开发银行和中国进出口银行。两家公司的大部分资金都筹自于中国债券市场，中国央行显著放松了货币政策使得债券市场的融资成本低廉。由于政府所有又拥有政府支持，这两家银行享有着主权债券的评级。2007年12月，中国国家开发银行从中国主权财富基金中国投资有限责任公司(China Investment Corp.)那里获得了200亿美元的注资。中国国家开发银行一直位于许多此类交易的中心，先于很多同行之前就在资源丰富国家建立了海外办事处。除了向俄罗斯国家石油公司提供的250亿美元贷款，中国国家开发银行还正在筹划向巴西石油公司Petrobras提供100亿美元的融资，为后者预计耗资1,740亿美元的五年期投资计划提供帮助。预计这一协议将在今年5月巴西总统卢拉(Luiz Inacio Lula da Silva)访问中国期间达成。在中国铝业公司(Aluminum Corp. of China, 简称：中铝公司)去年斥资140亿美元收购全球第三大矿业公司力拓(Rio Tinto) 9%股份，以及后来中铝公司提议斥资195亿美元收购力拓部分资产以及可转债的交易中，中国国家开发银行也扮演了重要角色。中国进出口银行也向力拓提供了直接贷款，以支持力拓与中铝公司的合作。Rick Carew相关阅读中哈签署贷款换石油协议 2009-04-18中投公司将扩大全球投资 2009-04-20 本文涉及股票或公司document.write (truthmeter('2009年04月20日11:01', 'KMGZ.YY'));KazMunaiGas总部地点：哈萨克斯坦(Kazakhstan)document.write (truthmeter('2009年04月20日11:01', 'CNPC.YY'));China National Petroleum Co.总部地点：中国大陆document.write (truthmeter('2009年04月20日11:01', 'MMGZ.KZ'));Mangistaumunaigas总部地点：哈萨克斯坦(Kazakhstan)上市地点：KASE股票代码：MMGZ
China is making a push to lock up energy reserves across the globe by offering much-needed credit to governments. Kazakhstan announced a $10 billion oil-for-loan deal with China Friday during its president's state visit to Beijing.Kazakhstan gets cash for new investment projects and China gets a 50% stake in a major Kazakhstan oil producer and priority on future energy cooperation.China has already struck similar deals this year with state oil producers in Russia, Brazil and Venezuela. In February, China Development Bank extended a $25 billion financing package to Russia's state-owned OAO Rosneft, its biggest oil producer, and OAO Transneft, its oil pipeline operator, in exchange for Russia sending about 300,000 barrels a day to China through a pipeline under construction.China's willingness to extend credit gives its state oil companies a leg up on Western competitors such as Exxon Mobil Corp., Chevron Corp. and BP PLC.China's government prefers financing acquisitions that give Chinese oil companies direct ownership of resources, but extends loans to foreign governments' national oil companies directly if it gives the Chinese oil companies special access to future exploration projects or provides guaranteed oil supplies, according to bankers who work with the Chinese companies.In the most recent deal, China National Petroleum Corp. and Kazakhstan's state-owned oil producer KazMunaiGas are jointly acquiring MangistauMunaiGas from Central Asia Petroleum Ltd of Indonesia.As part of the deal, CNPC will receive priority access to future projects in exchange for a $5 billion loan extended by CNPC to KazMunaiGas, and the Export-Import Bank of China is lending $5 billion to Kazakhstan Development Bank to invest in infrastructure.'The Chinese motivation for these deals is to both create national oil companies with the ability to produce abroad . . . and a fear that in a crisis they would be at a disadvantage on international oil markets,' says Harry Harding, a professor of international affairs at George Washington University.Outright acquisitions of oil producers can be difficult for Chinese state firms. Opposition to full Chinese control of resources is common even in countries friendly to Chinese investment, so opportunities tend to be greater for Chinese oil firms to partner with national oil companies on specific projects or developments.Cnooc Ltd. failed in its $18.5 billion bid in 2005 to buy Unocal Corp. of California when U.S. lawmakers raised concerns over the deal. Cnooc Chairman Fu Chengyu said Sunday his company is looking cautiously at such acquisitions due to protectionist concerns.'We choose to set up joint ventures, which are easier for local government and firms to accept,' Mr. Fu said at a conference of business and political leaders in the southern Chinese city of Boao.China's state ownership of its banks and oil companies lets it secure resources in exchange for money that foreign governments can invest in their own priorities.Western oil companies don't have similar backing to help secure favorable terms. Providing the financial backing for China's push into overseas energy deals are two policy banks, China Development Bank and Export-Import Bank of China. Both banks raise the bulk of their funds on Chinese debt markets, where an aggressive easing of monetary policy by China's central bank makes funding cheap. As government-owned and backed, they also enjoy sovereign-debt status.In December 2007, China Development Bank received a $20 billion capital injection from China's sovereign wealth fund, China Investment Corp. China Development Bank has been at the center of many of these deals, having established overseas offices in resource-rich countries well before many of its peers.In addition to the $25 billion loan to Russia's state oil companies, China Development Bank is also putting together a $10 billion financing package with Brazil's Petrobras to help fund a five-year Petrobras investment plan that the company says it expects will cost $174 billion. That is expected to be finalized during a May visit to China by Brazilian President Luiz Inacio Lula da Silva.China Development Bank was also instrumental in arranging the funding for Aluminum Corp. of China to buy a 9% stake last year in the world's No. 3 miner, Rio Tinto, for $14 billion, and a subsequent proposed $19.5 billion investment by the Chinese company, known as Chinalco, to buy into some of Rio Tinto's assets and convertible debt. Export-Import Bank of China has also offered to directly lend to Rio Tinto to support its cooperation with Chinalco.Rick Carew
China is making a push to lock up energy reserves across the globe by offering much-needed credit to governments. Kazakhstan announced a $10 billion oil-for-loan deal with China Friday during its president's state visit to Beijing.Kazakhstan gets cash for new investment projects and China gets a 50% stake in a major Kazakhstan oil producer and priority on future energy cooperation.China has already struck similar deals this year with state oil producers in Russia, Brazil and Venezuela. In February, China Development Bank extended a $25 billion financing package to Russia's state-owned OAO Rosneft, its biggest oil producer, and OAO Transneft, its oil pipeline operator, in exchange for Russia sending about 300,000 barrels a day to China through a pipeline under construction.China's willingness to extend credit gives its state oil companies a leg up on Western competitors such as Exxon Mobil Corp., Chevron Corp. and BP PLC.China's government prefers financing acquisitions that give Chinese oil companies direct ownership of resources, but extends loans to foreign governments' national oil companies directly if it gives the Chinese oil companies special access to future exploration projects or provides guaranteed oil supplies, according to bankers who work with the Chinese companies.In the most recent deal, China National Petroleum Corp. and Kazakhstan's state-owned oil producer KazMunaiGas are jointly acquiring MangistauMunaiGas from Central Asia Petroleum Ltd of Indonesia.As part of the deal, CNPC will receive priority access to future projects in exchange for a $5 billion loan extended by CNPC to KazMunaiGas, and the Export-Import Bank of China is lending $5 billion to Kazakhstan Development Bank to invest in infrastructure.'The Chinese motivation for these deals is to both create national oil companies with the ability to produce abroad . . . and a fear that in a crisis they would be at a disadvantage on international oil markets,' says Harry Harding, a professor of international affairs at George Washington University.Outright acquisitions of oil producers can be difficult for Chinese state firms. Opposition to full Chinese control of resources is common even in countries friendly to Chinese investment, so opportunities tend to be greater for Chinese oil firms to partner with national oil companies on specific projects or developments.Cnooc Ltd. failed in its $18.5 billion bid in 2005 to buy Unocal Corp. of California when U.S. lawmakers raised concerns over the deal. Cnooc Chairman Fu Chengyu said Sunday his company is looking cautiously at such acquisitions due to protectionist concerns.'We choose to set up joint ventures, which are easier for local government and firms to accept,' Mr. Fu said at a conference of business and political leaders in the southern Chinese city of Boao.China's state ownership of its banks and oil companies lets it secure resources in exchange for money that foreign governments can invest in their own priorities.Western oil companies don't have similar backing to help secure favorable terms. Providing the financial backing for China's push into overseas energy deals are two policy banks, China Development Bank and Export-Import Bank of China. Both banks raise the bulk of their funds on Chinese debt markets, where an aggressive easing of monetary policy by China's central bank makes funding cheap. As government-owned and backed, they also enjoy sovereign-debt status.In December 2007, China Development Bank received a $20 billion capital injection from China's sovereign wealth fund, China Investment Corp. China Development Bank has been at the center of many of these deals, having established overseas offices in resource-rich countries well before many of its peers.In addition to the $25 billion loan to Russia's state oil companies, China Development Bank is also putting together a $10 billion financing package with Brazil's Petrobras to help fund a five-year Petrobras investment plan that the company says it expects will cost $174 billion. That is expected to be finalized during a May visit to China by Brazilian President Luiz Inacio Lula da Silva.China Development Bank was also instrumental in arranging the funding for Aluminum Corp. of China to buy a 9% stake last year in the world's No. 3 miner, Rio Tinto, for $14 billion, and a subsequent proposed $19.5 billion investment by the Chinese company, known as Chinalco, to buy into some of Rio Tinto's assets and convertible debt. Export-Import Bank of China has also offered to directly lend to Rio Tinto to support its cooperation with Chinalco.Rick Carew