Konferenzband 
China, the EU and Latin America : current issues and future cooperation
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50 China theEUandLatinAmerica:CurrentIssuesandFutureCooperation 犉犻犵狌狉犲3 犆犺犻狀犪狊犗犻犾犐犿狆狅狉狋狊犳狉狅犿犔犪狋犻狀犃犿犲狉犻犮犪 犜犲狀犜犺狅狌狊犪狀犱犜狅狀狊 Source:CNPC2008. 3.犘狅狋犲狀狋犻犪犾犆狅狅狆犲狉犪狋犻狅狀犅犲狀犲犳犻狋狊 GivenChinashighenergydemandanditslargeaccumulationofforeign currencyreserves somegovernmentsinLatinAmericahavemadegreatefforts toattractChineseinvestmentintheoilsector.Particularlyundertheimpactof thefinancialcrisisinthisregion theyareinurgentneedofforeigncapital so therearenewcooperationopportunitiesforChinaandLatinAmericaintheoil industry. Ontheonehand withChinasrobusteconomicgrowth itsoildemandin themedium tolongterm willcontinueatahighlevel.Accordingtothe InternationalEnergyAgency IEA2007 ), Chinawillneedtoimportupto80per centofitscrudeoiland50percentofitsnaturalgasby2030.Atthesametime Chinasabundantforeign currency reserves have boosted theinvestment capabilitiesofitsnationaloilcompanies NOCs Ontheotherhand keepingtheoilindustryopenisstillthemainstream policyinLatin America.Althoughleftwinggovernmentsstrengthenedtheir controlofoilresourcesandsectoralregulationsintheperiod20052007 theydid notreallyintendtodriveoutforeignoilcompanies butrathertoincreasethe governmentsshareinrisingoilprices.ThemostimportantthingforChinais thatleftwingleadersarepoliticallyinclinedtopromoteoilcooperation with Chinabecausetheyconsideroiltobeadiplomatictool.Basedonthefavourable changesinthesituation mentionedabove thepotentialforoilcooperation betweenChinaandLatinAmericacanbedepictedasfollows. First Latin AmericaisastrategicalternativesourceenablingChinato diversifyitsoilimports.Inrecentyears BrazilandVenezuelahavediscovered largenewoilfields.AccordingtoBP WorldEnergyStatistics2008 provedoil