ERHC Energy Inc (ERHE)

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On China's Buying Power - a Korean View

"The purchase of Switzerland-based oil producer Addax Petroleum Corp. by Sinopec Corp., China’s second-largest oil company, illustrates how far ahead China is in the resource battle. Sinopec outbid the Korea National Oil Corp., offering $7.24 billion in June 2009, even though the KNOC initiated the bidding process. It was a crushing defeat for Korea."

"China is willing to pay double, even triple, what Korea is willing to pay to get natural resources."

"China was easily offering billions of dollars, while we only suggested hundreds of millions maximum. We were simply no competition for China."

http://joongangdaily.joins.com/article/view.asp?aid=2917595