China's energy grab is about know-how, not resources

Chinese oil companies went on a buying spree this week. On Monday, Cnooc, the offshore component of China’s three-headed, state-owned oil apparatus, agreed to pay $15 billion cash for Canada’s Nexen (NXY). Not to be outdone, Cnooc’s state-owned cousin, Sinopec, quickly cut a deal to buy a 49 percent stake in Talisman Energy (TLM)‘s British unit for $1.5 billion, giving it access to North Sea oil and natural gas fields.

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