FROM DUBAI PW TO GAZPROM AND NORINCO
"He's certainly just shaking the stick a bit and showing everybody who holds the cards in the global energy poker game,'' said Kim Iskyan, head of research at MDM Bank.
"It's ironic to talk about a purely economic plane when you're the head of a state-owned company, which by definition doesn't have purely economic interests."
Yes, indeed. That was the argument I made during the Dubai Port debate but Kim Iskyan was not rehashing the past. He is referring to saber rattling of Gazprom CEO Alexei Miller who warned the EU"not to interfere in the state-controlled gas monopoly's plans to expand into distribution and retail in Europe" or he will dump Europe completely in favor of expansion in Asia. Specifically, Gazprom wants to take over Centrica, Britain's largest gas supplier. The British who seemed sanguine about Dubai Port World take over O&E are much less calm about putting their gas supply in the hands of Putin and company. Nor is the rest of Europe willing or able to forget the lesson of Gazprom's treatment of the Ukraine.
Instead, the UK government is considering merger rule changes to block the potential Centrica deal. Good for them. I cannot but hope that the EU will follow suit and so should the US. Indeed, we must insure the failure of the parade of CEOs lobbying against a strong bill which would prevent government owned companies from taking over American strategic assets.
Do not be persuaded by those who argue that this is a free trade issue or that the US is out of step with the rest of the world. We are not. The Chinese are here and under no circumstances should we treat their state owned companies and most especially their military owned ones as if they were merely another American or Danish corprotation. A Chinese state owned poster child for nuclear proliferation to Iran such as Norinko is far more dangerous than millions of illegal Mexican immigrants.
So, make sure George W. Bush says no to Hu when it comes to easing restrictions on Norinko or similar state owned entities. Nothing less than our national security , is at stake. If you do not believe me read China sole manufacturer of materials for U.S. missiles. It is not funny.
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