GE Means Government

http://www.futureofcapitalism.com/2010/05/ge-means-government-1

The Financial Times has an interview with Claudi Santiago, the Spain-born, Italy-based president and chief executive of General Electric's oil & gas business: "China is also critical. We are supporting China's west-to-east pipeline that snakes through 13 provinces and is longer than the Great Wall....Ownership of reserves has moved from international to national oil companies. Forty years ago, international oil companies such as Shell, Chevron and BP owned 80 per cent of the oil and gas reserves. Today we have 30 per cent more oil and gas reserves, but national oil companies such as PetroChina, Petrobras and Gazprom now own 80 per cent of the known reserves. So we now spend as much time with national oil companies as international oil companies. Often this means meeting energy and deputy ministers."

by Editor  |  May 11, 2010 at 10:35 am Related Topics:  China, Energy, Europe, General Electric receive the latest by email: subscribe to the free futureofcapitalism.com mailing list