• 4 minutes Projection Of Experts: Oil Prices Expected To Stay Anchored Around $65-70 Through 2023
  • 7 minutes Oil prices forecast
  • 11 minutes Algorithms Taking Over Oil Fields
  • 14 mintues NIGERIAN CRUDE OIL
  • 3 hours UK, Stay in EU, Says Tusk
  • 3 hours Nuclear Power Can Be Green – But At A Price
  • 18 mins Chevron to Boost Spend on Quick-Return Projects
  • 20 hours Blame Oil Price or EVs for Car Market Crash? Auto Recession Has Started
  • 8 hours Socialists want to exorcise the O&G demon by 2030
  • 4 hours U.S. Treasury Secretary Mnuchin Weighs Lifting Tariffs On China
  • 17 hours Venezuela continues to sink in misery
  • 10 hours What will Saudi Arabia say? Booming Qatar-Turkey Trade To Hit $2 bn For 2018
  • 7 hours Maritime Act of 2020 and pending carbon tax effects
  • 1 day WSJ: Gun Ownership on Rise in Europe After Terror Attacks, Sexual Assaults
  • 1 day How Is Greenland Dealing With Climate Change?
  • 10 hours German Carmakers Warning: Hard Brexit Would Be "Fatal"
  • 1 day Trump inclined to declare national emergency if talks continue to stall - Twitter hides this as "sensitive material"
  • 2 hours Regular Gas dropped to $2.21 per gallon today
What’s Holding Back Argentina’s Shale Revolution?

What’s Holding Back Argentina’s Shale Revolution?

The long-term prospects of Argentina’s…

Australia Says No to China’s Buyout of Aussie Power Grid

Aussie grid

Citing national interest concerns, Australia officially banned on Friday the sale of a majority stake of its largest power distribution grid to foreign investors, drawing a warning to Australia from the Chinese commerce ministry.

China’s government-held State Grid Corp of China was bidding for Ausgrid. Hong Kong-based Cheung Kong Infrastructure Holdings, owned by billionaire Li Ka-Shing, was also in the running, and was equally rejected as a buyer by Australia.

Australia’s ban will have a negative impact on the bilateral trade, and will hurt the willingness of Chinese groups to invest in Australia, the Chinese commerce ministry said.

Australia is planning a 99-year lease of 50.4 percent of New South Wales’ electricity distribution grid Ausgrid worth an estimated US$7.5billion, but national interest has prevailed over foreign investment. A sale under the currently proposed structure “would be contrary to the national interest”, Treasurer Scott Morrison said in his statement.

Morrison, on preliminary view, first informed China and Hong Kong that their bids may be rejected, and that a formal decision would be issued pending a response from China.

Australia, which has had a free trade agreement with China in place since December of last year, is now riling up one of its biggest trading partners.

Related: Iraq Resumes Oil Exports From Kurdish Fields

This is not the first time China has been snubbed by Australia in its attempt to buy into strategic companies. In April this year, Treasurer Morrison blocked the sale of 80 percent in S. Kidman and Co. Limited – the world’s biggest cattle farm – to a Chinese consortium, again citing concerns that the deal may run “contrary to the national interest”.

The most recent Australian hurdles to Chinese investments add to the Hinkley Point saga in the U.K. Concerns had been mounting that as a UK-French-Chinese joint venture, it would give China the opportunity to influence a significant U.K. energy resource for decades to come, especially under present agreements.

The news comes after last week’s news that the Chinese firm involved in the construction of Hinkley, CGN, and its engineering advisor Szuhsiung Ho have been indicted on charges of industrial espionage in the United States. The charges relate to alleged attempts to steal nuclear secrets to aid the Chinese nuclear energy program.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment
  • dan kangas on August 21 2016 said:
    Clintons speeches arenot able to fill a phone booth.Theyve paid the ones there $50 a head.People will want 4 times that to sit up and be near such evil.Watch her eyes turn black when the dark Jewish entities take over.Mark my words,corruption is so prevelant that the clintons will end up dead to coverup the massive Jewish,Bush corruption.Jew bankers need someone to blame for their theft from American people,its going to be the dead Clintons, Plane accident anyone?

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News