From OilPrice:
In accordance with the “new guidelines” for its economic development, China is trying to get back to the well-known “Silk Road,” a $900 billion scheme of a “new era of globalization” that China is willing to undertake. China’s goal is global expansion primarily in the economic field and strengthening of its economic influence. And while China is buying its way into key natural resource venues, the rest of the world is watching it in disbelief.
By signing contracts and extending loans in the oil arena, China is decisively crushing it when it comes to global influence, and once acquired, it may be an unstoppable force. With a uniquely deep wallet, China has and is willing to spend money in large quantities in order to acquire oil in far reaches of the world in developing countries in Europe, Asia, and Africa.
While Western countries stubbornly refuse to join China's vast new Silk Road project, one European country was willing to play ball. Italy resisted the warnings of its European and American allies, signing an agreement with China last Saturday becoming the first G7 member to take part in China's 'One Belt One Road' project, which makes enormous infrastructure investments to move Chinese goods and resources throughout Asia, Africa, and Europe.
China didn’t just limit its investments to these three continents. One of the latest Chinese investment took place in Cuba yesterday. Signing a Memorandum of understanding, China offered its help to reduce Cuba's dependence on energy imports, which made huge efforts to relaunch its oil projects, both in deep and shallow waters, with foreign capital. This Memorandum represents further deepening geological and oil links between these two countries in order to investigate minerals and create maps of the island to detect new oil fields and gas.
Director of Geology of the Cuban Ministry of Energy and Mines (MINEM), Enrique Castellanos, said that it is an important step since for more than 17 years, Chinese oil companies have been operating in Cuba and now these deals include projects with government entities.
In South Sudan, China showed it is willing to take a risk that other countries have shied away from...MUCH MORE
