CNOOC + Maersk : WSJ

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(1) Brian Spegele and Wayne Ma, For China Boss, Deep-Water Rigs Are a 'Strategic Weapon.' Wall Street Journal, Aug 30, 2012.
http://online.wsj.com/article/SB ... 92890738740290.html

Quote:

"When China launched its first deep-water oil rig in May, Cnooc Ltd Chairman Wang Yilin delivered a message to employees and his Communist Party superiors about what it meant to Beijing's ambitions abroad. 'Large-scale deep-water rigs are our mobile national territory and a strategic weapon,' he told a crowd gathered at Cnooc's glittering headquarters in central Beijing as well as rig workers by videoconference. State-controlled Cnooc is using the rig to drill three wells this year in the South China Sea—an area with overlapping claims by China and other surrounding nations and an increasingly sore friction point between Beijing and Washington.

"Mr Wang, 55 years old, appears to be vying for higher office, said analysts and people with direct knowledge of Cnooc's operations

"Mr Wang is believed to have political backing as well. Zhou Yongkang, a member of China's all-powerful Politburo Standing Committee and former CNPC executive, is believed to be among those helping Mr. Wang's career, according to analysts and those with knowledge of Cnooc.

(2) Colum Murphy and James T Areddy, Maersk Sees China Challenges. Wall Street Journal, Aug 30, 2012.
http://online.wsj.com/article/SB ... 18464139347378.html

Quote:

"In an interview Wednesday [Aug 29], Søren Skou, head of the container-shipping division of Denmark's AP Møller Maersk A/S, said the Chinese market is facing fundamental changes. 'It's pretty clear China is losing competitiveness in a number of industries,' he said, adding that China is 'by far the most important market for what we do.'  Maersk's customers who ship shoes, toys and other labor-intensive goods are increasingly located in countries like Vietnam and Bangladesh, he added. Weak European demand and other global economic concerns have crimped growth in China's port volumes this year

"Looking at the key August period for shipping, Mr. Skou said his customers appear to be positioning for satisfactory holiday spending in the US—but not Europe. 'The [Maersk] customers[, which are wholesalers and retailers] are expecting a Christmas season [in the US], which doesn't appear to be the case in Europe,' he said.

"Maersk is already seeing growth in exports from China of more sophisticated goods such as electronics, electrical goods and solar panels. As Chinese auto makers ramp up their international expansion, there was export growth potential for auto components. The chemical, pharmaceutical and aviation industries hold promise. Still, growth from these emerging industries is unlikely to be enough to buoy the container-shipping industry back to the double-digit growth in volumes it once enjoyed.