The instant reaction in the oil industry to reports that China National Petroleum Corp was in talks to buy the majority of YPF of Argentina from its Spanish parent Repsol YPF was that the Spaniards would be delighted, and the Chinese in danger of being fleeced.
As the English like to say to someone who has been on the wrong end of a deal: “They must have seen you coming.”
For western oil companies, however, such a dismissive response would be complacent. CNPC's interest in YPF shows how the Chinese companies see the world differently from their US and European rivals. That difference of approach is likely to make them increasingly potent competitors.
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