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In Argentina Mandarin Chinese is now the main language in use in local petroleum companies, which are dominated by Chinese buyers. During the period June 2010 through May 2011 Argentina attracted 40 percent of the Chinese investments in Latin America, amounting to $15.584 billion, according to a study by the U.S. Deloitte consulting firm. "China is focusing on the natural resources industry and it is now also gaining ground in Latin America. A good part of those operations were in the energy and natural resources sector," reported Deloitte.
China’s Argentinean investments were exceeded only by Brazil, where investment was also primarily intended for the country’s fuel sector. Chile, the usual focus point of international markets interested in Latin America, got less than 1 percent of the Chinese regional investments, Clarin newspaper reported.
Recent Chinese energy purchases include China National Offshore Oil Corp. purchasing 60 percent of Pan American Energy for $7.059 billion in partnership with the local group Bridas Energy Holdings. The two companies already controlled 40 percent of the business. For this transaction they paid USD. CNOOC then purchased assets belonging to Esso in Argentina for $700 million. China Petrochemical Corp., or Sinopec, bought operations and holdings from the U.S.-owned Occidental petroleum company, paying $2.5 billion.
By. Joao Peixe, Deputy Editor OilPrice.com
Joao is a writer for Oilprice.com