China Out in the Cold

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China’s hegemony in terms of their success in securing access to resources such as oil and gas licences now mean that western company wins are major news. The latest round of licences for developing Libya’s oil and gas reserves have been split between the US and European interests. (registration required for washingtonpost.com). 

This is in marked contrast the success that Asian energy companies like Sinopec have had elsewhere. The appointment of licences to Exxon, Statoil and Total is as much about Libya’s desire to come in from the diplomatic cold as it is about business. Libya hoped to put the Lockerbie incident behind itself once and for all.