Thursday, September 19, 2013

Chinese energy companies go global ... in the US

Chinese companies are big investors today -- not only in Africa, but in developed economies like the US and Canada, where they compete for engineering projects, real estate deals, and acquisitions of companies that have the competitive technology and marketing know-how that they lack. A new article in the Beijing Axis's China Analysis by Daniel Galvez, analyzes this outward investment. For those interested in comparisons with Chinese engagement in Africa, skip down past the luxury real estate deals to the "energy infrastructure" section, which describes the ways in which Chinese companies are engaging in the US energy sector. 

Chinese banks are playing a big role here, just as in Africa:
  • In April, it was reported that Industrial & Commercial Bank of China (ICBC), China’s largest bank by market value, agreed to help finance plans for the USD 25 billion LNG export terminal in British Columbia, set to be among the 10 largest refineries in the world.  
  • In September 2012, Seattle-based Summit Power Group LLC announced that Sinopec Engineering will manage the construction of a critical portion of the Texas Clean Energy Project, a planned power-generating facility near Odessa, Texas. The facility will be funded by China Exim Bank, and is in line to receive USD 450 million in US federal funding.
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