• 6 minutes Trump vs. MbS
  • 11 minutes Can the World Survive without Saudi Oil?
  • 15 minutes WTI @ $75.75, headed for $64 - 67
  • 3 hours Satellite Moons to Replace Streetlamps?!
  • 22 hours US top CEO's are spending their own money on the midterm elections
  • 42 mins EU to Splash Billions on Battery Factories
  • 40 mins U.S. Shale Oil Debt: Deep the Denial
  • 9 hours The Balkans Are Coming Apart at the Seams Again
  • 1 day OPEC Is Struggling To Deliver On Increased Output Pledge
  • 42 mins Owning stocks long-term low risk?
  • 9 hours The Dirt on Clean Electric Cars
  • 20 hours Uber IPO Proposals Value Company at $120 Billion
  • 10 hours 47 Oil & Gas Projects Expected to Start in SE Asia between 2018 & 2025
  • 22 hours A $2 Trillion Saudi Aramco IPO Keeps Getting Less Realistic
  • 1 day 10 Incredible Facts about U.S. LNG
  • 1 day U.N. About Climate Change: World Must Take 'Unprecedented' Steps To Avert Worst Effects
Will The U.S.-Saudi Spat Upend Oil Markets?

Will The U.S.-Saudi Spat Upend Oil Markets?

Saudi Arabia appeared to threaten…

China’s CNPC Boosts Global Oil, Gas Ties

China’s CNPC Boosts Global Oil, Gas Ties

China National Petroleum Corporation (CNPC)…

Obama Blocks Chinese Purchase of Wind Farms Over National Security Concerns

The Chinese-owned company Ralls Corp. yesterday announced its intentions to sue Barack Obama for his decision, last week, to block the company’s purchase of four small wind projects in Oregon. Obama made the ban based on national security reasons due to the fact that the wind turbines were situated close to restricted air space used by a local navy weapons training facility.

Ralls Corp. is a Delaware-based firm which is privately owned by two Chinese nationals, who are also executives for the Chinese company, Sany Group, who build wind turbines. Ralls have accused Obama of overstepping his authority as president.

The complaint read: “By failing to provide Ralls with sufficient notice and opportunity to be heard prior to prohibiting its acquisition of the windfarms and imposing extraordinary restrictions on the use and enjoyment of its property interests, CFIUS and the president have unconstitutionally deprived Ralls of its property absent due process.”

Obama made the decision during a time when Mitt Romney has been accusing him of failing to stand up for US businesses who are receiving extreme competition from Chinese firms.

It is the first time in 22 years that a president has blocked a foreign investment due to fears for national security.

By. James Burgess of Oilprice.com


x

Join the discussion | Back to homepage

Leave a comment
  • MC on October 04 2012 said:
    Yet he's allowed them to purchase thousands of acres of oil and gas fields.

Leave a comment

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