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FEB 14, 2013 - The Economist

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Oil in China: Smog and mirrors

Might as well take up smoking FU CHENGYU has global ambitions. In 2005 he led CNOOC, a state-run Chinese energy giant, to make an audacious takeover bid for Unocal, an American oil-and-gas firm. That provoked a protectionist backlash, and CNOOC retreated. (It has since won approval to buy Nexen, a Canadian energy firm.) In 2011 Mr Fu took over as boss of China Petroleum & Chemical Corp (Sinopec), another state-run outfit. He has tried to transform the domestically focused firm into an international oil giant.Three things make people take Mr Fu seriously. First, he wields a lot of clout in ... Read More

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