Quote:
| Originally Posted by airship
But I don't really comprehend why India or China even, should want to take the serious steps to acquiring these until-now, unattainable resources?
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China and India were never mentioned as being in a position to claim a stake in the Arctic bonanza, but only as leading industrial countries that don’t abide by today’s environmental standards.
In turn being major energy consumers they will be a very profitable client to whoever owns the said resources.
Can Canada slake China’s thirst for oil?
By Wenran Jiang
- As the second largest oil consumer in the world after the United States, China's state-controlled energy companies have reached out to every corner of the world, searching for more energy and resources, and signing deals worth tens of billions of dollars.
Canada's huge oil sands may have finally caught Chinese attention. According to the latest estimates, Canada's oil reserve stands at 176 billion barrels, second only to that of Saudi Arabia.
With current Alberta oil production at three million barrels a day, and half of that going to the U.S., there is still a surplus available after satisfying domestic needs.
Last year, China and Iran signed energy contracts in the range of $100 billion, which will ensure Iranian supplies to China for the next 25-30 years. The year before, Chinese President Hu Jintao signed energy deals worth up to $40 billion during his trip to Australia.
Some estimates claim that potentially a third of Canadian energy could go to China in the future. What is good for Canada or China may not be good for the U.S.