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China buying into U.S. fracking company

(OilPrice) As the U.S. ramps up to its presidential election, both Republican candidate Mitt Romney and incumbent President Barack Obama have increasingly made a “get tough” approach with China a part of their campaign platforms.

On 25 October, in front of a rapturous audience, Romney told supporters in Ohio, “Look, we can compete with any nation in the world so long as we’re playing on a level playing field. And I’m going to make sure China doesn’t cheat.”

President Obama, during his third debate with Romney on 22 October said, “With respect to China, China is both an adversary, but also a potential partner in the international community if it’s following the rules. So my attitude coming into office was that we are going to insist that China plays by the same rules as everybody else.”

But one item the pair apparently agree upon is that Chinese investment in most American industries is a good thing, so it should come as no surprise that on 26 October China’s Lanzhou Haimo Technologies Co. announced that its subsidiary Haimo Oil & Gas LLC will buy a 14.29-percent stake in Houston-based Carrizo Oil & Gas’s Niobrara shale oil and gas assets in Colorado for $27.5 million.