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Chinese Commodity Thirst Grows, Secures Brazilian Oil Deal
China Development Bank, one of China’s largest state-owned enterprises, has agreed to lend $10 billion to Brazil’s Petrobras (PBR) in exchange for a long-term supply of oil – the latest illustration of how Beijing is using the global downturn to further its domestic agenda.
Money Morning first reported in January, that China was building stakes in some of the world’s largest natural-resource companies, which have been made vulnerable by depressed commodities prices, tumbling profits and falling stock prices. In the scant few weeks since that Money Morning report was published, Aluminum Corp. of China Ltd. (ADR: ACH), or Chinalco, has invested $19.5…
23Feb2009 | Money Morning | 0 comments | Continued
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