October 4, 2022

Wire Service Canada

Complete Canadian News World

Vittol closes with Russia. Cnooc leaves the United States, Canada, and the United Kingdom

The new world order, defined by the Ukraine war and sanctions against Russia, is changing the geography of multinational corporations and goods. Vittol Group, the world’s leading independent oil trader, wants to completely cut off trade with Russia’s crude oil by the end of this year. “Blocks will shrink significantly when existing contracts expire in the second quarter,” he told Bloomberg, a $ 279 billion 2021 revenue firm. The group is headquartered in Geneva but has offices in Rotterdam, Holland. .

Vittol wanted to make it clear that after the invasion of Ukraine, he was gradually concluding existing agreements, rather than starting new ones. Meanwhile, European oil Brent rose 1.62% to $ 106.33 today and the American WTI rose 2% to 104.3, putting pressure on prices in recent days. Prolonged in China (according to research firm Kavegal.

Instead, China’s leading marine oil and gas producer, CNOOC (capital in local dollars), listed in Hong Kong, is preparing to leave Britain, Canada and the United States amid concerns over Western sanctions. Following its exit from Wall Street a few months ago, Reuters writes that the Shanghai Stock Exchange was forced to list by US officials, citing evidence of the Chinese oil group’s facts and inventory document.

Relations between China and the West have been strained since the time of President Donald Trump on trade and human rights issues, and tensions have escalated since the Russian occupation of Ukraine, which China has refused to condemn. The United States said last week that Beijing could face repercussions if Russia helps avoid sanctions, including financial measures that restrict access to Moscow’s foreign currency and complicate the processing of international payments.

READ  "Insina? Going to Canada is the last affection of the fans"

The truth is that the state-owned giant CNOOC entered three Western countries with the acquisition of $ 15 billion by the Canadian nexus that made the Chinese champion the world leader. According to Reuters estimates, assets in key fields in the North Sea, Gulf of Mexico and major oil sand projects in Canada are producing approximately 220,000 barrels of oil per day (POT).

Last month, CNOC approached the Bank of America and offered to sell assets in the North Sea. This is part of a portfolio review ahead of the expected listing on the Shanghai Stock Exchange in late April, which aims to use the funds that come from Wall Street after its shares were listed last October. A forced choice from the end of the former Trump administration in 2020 targeted many Chinese companies that Washington believed were owned or controlled by the military. For its part, Beijing condemned the decision.

CNOOC wants to acquire new assets in Latin America and Africa by giving priority to countries such as Brazil, Guyana and Uganda as it seeks to sell “small and difficult to manage” assets in Great Britain, Canada and the United States. In a public prospect before the IPO, CNOOC wrote that it was subject to further sanctions. In the United States, the group has assets on the Eagle Ford and Rockies Shale coastlines, and is interested in two large marine fields in the Gulf of Mexico, the Apomotox and the Stompeed. Large Canadian tar sand projects are located in Long Lake and Hangingstone in the province of Alberta. (All rights reserved)

READ  Air Canada and United Airlines expand relationship for cross-border flights - Italiavola & Travel