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Ensure long-term stable supply of crude oil is an important national economic security component to achieve this goal Kyrie Irving Cavaliers Jersey , the Chinese government after the financial crisis in the oil sources and the way the adjustment of imports, of which, "loans-for-oil" is an important step.

However, the "loans-for-oil" can truly protect China's oil security? The financial crisis is not just a byproduct? "Loans-for-oil" meaning whether there is room to expand?

Breeding ground for the cooperation of the crisis

After the outbreak of the 2008 financial crisis, turbulence in international oil prices, from more than 140 U.S. dollars barrel record high all the way down, to the oil-producing countries, particularly oil and gas resources in the developing country's economy a heavy blow Jordan Clarkson Youth Jersey , causing some oil and gas resources in the country overnight debt.

To Russia, for example, statistics show that in early 2009, the largest Russian oil company Rosneft (Rosneft) debt $ 21,200,000,000, Gazprom as much as 61 billion U.S. dollars debt George Hill Youth Jersey , the Russian oil pipeline company (Transneft) the liabilities of 7.7 billion.

In addition, the global financial crisis has dealt a heavy blow to the oil and gas investment. In contrast, the Chinese economy should suffer a lesser extent, and rising foreign exchange reserves in 2008 reached 1.95 trillion U.S. dollars. China's oil consumption has continued strong.

Meanwhile, in 2009, the Chinese dependence on foreign oil 50% the first time the international warning line, reaching 52%.

"Money" that changed the former Russian oil cooperation between China and Russia in the less positive attitude, active expression of willingness to borrow money from China Kevin Love Youth Jersey , and "short of oil," the Chinese did not let the opportunity slip away, the two sides hit it off.

February 2009, Russia, China, Rosneft and Transneft were loans to 15 billion U.S. dollars and 100 billion dollars. According to reports, Rosneft enough to cover the 15 billion U.S. dollars owed to foreign banks due in 2009 to 85 billion of debt. And loaned 100 billion for Transneft to build the Russian Far East oil pipeline branch of China (Skovorodino - Russian border).

As a repayment guarantee, Russia promised to China in the next 20 years to supply 300 million tons of oil. 90 years from the last century LeBron James Youth Jersey , began to talk about China-Russia oil pipeline, after several twists and turns, finally ushered in the dawn through oil. Sino-Russian cooperation in oil and finance financial crisis opened the "loans-for-oil" model of precedent.

What they need

Loans-for-oil 'is just the financial sector and oil trade arrangements of the two protocols together, not take the bank's money to buy oil directly, it does not use oil as a repayment of the secured collateral.

Specifically, China's 25 billion U.S. dollars is not directly used to buy 3 million tons of oil, but Russia's interest rate based on the two sides agreed to the repayment, the Chinese side paid the price agreed by the parties of oil money. In other words Kyrie Irving Youth Jersey , Russia received 250 billion dollars in emergency loans to get the next 20 years China's oil supply commitments.

As the crisis deepened, oil prices continued downturn, the development of oil and gas resources in the country in the world to find the "golden master", the developed countries because the domestic economic slump, and sometimes can not escape recession in the mud. Therefore, more and more cash-strapped state oil and gas resources turned the world's largest foreign exchange reserves in China.

February 2009, the National Development Bank (the "CDB") to the Venezuelan national oil company (PDVSA) to provide 40 billion dollars in loans in exchange for the latter's commitment to stable supply of crude oil; March, China and Angola signed the $ 1 Jordan Clarkson Womens Jersey ,000,000,000 " loans-for-oil "agreement; April, in the oil and the Kazakhstan National Petroleum and Natural Gas Corporation (KazMunaiGas) signed the $ 5,000,000,000" loans-for-oil "framework agreement.

May, the China Development Bank and the Brazilian national oil company (Petrobras) signed a 10-year total of 100 billion dollars in "loans-for-oil" deal George Hill Womens Jersey , in return, Petrobras, Sinopec next to the total supply of 97.5 million tons of oil; June CDB to Turkmenistan for 40 billion dollars in loans, ranking fourth in the world for the development of the Nanyueluotan oil and gas fields; in July, the state oil company Oil and Ecuador (Petroecuador) signed an agreement to pay $ 1,000,000,000 to their prepaid paragraph and the next two years to buy 288 million barrels of oil per month.
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