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China spends billions to solidify energy supply

Published by Steve Coleman on September 19, 2011

Canada's decision to put the world's second-largest economy back on the list of countries worth courting has put an official end to a four-year-chill in Canadian/Chinese relations.

Canadian government trips to China have been credited with ramping up Chinese investment in this country's energy sector, according to a report in the Asian Times.

China has pumped an estimated $16.8 billion into the Canadian energy sector since 2009 -- $15 billion of that coming in 2010.

The Asian giant's interest in Canadian oil is part of a larger strategy to invest in countries around the world. In the last two years, Chinese energy firms have provided loans in exchange for oil supply contracts with "Russia ($25 billion), Kazakhstan ($10 billion), Brazil ($10 billion) and Venezuela ($20 billion)."

"Chinese oil companies have become involved in joint ventures in Iraq and Australia," the report says. "The Chinese presence is also a relatively recent phenomenon, as foreign FDI, primarily from the United States, had poured in some C$125 billion by 2009."

The full report can be found online.

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