February 02, 2005

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From Beijing with Love

The Yukos affair was a re-nationalisation of Russia's biggest oil firm. Eventually Rosneft, the state owned oil company, bought the major production subsidiary in a knock-down auction. And who bankrolled this US$9 billion purchase? China, in return for a guarantee of future deliveries of crude. Even Xinhua sounds a little suspicious.

For China it's a great deal. They get to trade depreciating US dollars, which they have US$600 billion or so, for a far more precious (and rare) commodity: oil. Canny traders.

posted by Simon on 02.02.05 at 11:45 AM in the


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School Girl Love For Beijing
Excerpt: Canny Traders? New Capitalists? Collusive Governments Wrecking the International Economy? Bill Gates cuts and pastes his own supra-national version of east Asian economic culture. South Korea (admittedly he's right about SK labor unions) is yesterday'...
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Tracked: February 2, 2005 09:59 PM


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