Senior parliamentarians in the UK are sounding the alarm bells over Chinese extensive involvement in North Sea oil and gas, which they say poses a serious security threat to the country. MP Duncan Smith, chair of the Inter-Parliamentary Alliance on China (IPAC), told City A.M. that Chinese-backed investments in British energy resources pose a “very real risk to security”.
China’s state-run oil giant CNOOC holds over 43% interest in the UK’s North Sea Buzzard oilfield, and over 36% interest in its Golden Eagle oilfield,…Saudi’s Won’t Let Oil Stay At $75: Pioneer CEO
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