One oil insider called Sinopec's bid of $2.2 billion for two oil tracts near Angola "insane."
Sinopec has a joint venture with Sonangol, the national Angolan petro company. Together, they decided to go off the deep end.
By contrast, Exxon and BP bid only $120 million and $15 million respectively. So, why is China willing to pay 10 - 80 times more for an oil field with yet UNDISCOVERED oil?
What's up?
China is desperate to become a big player on the world market - and here is yet another example.
Not only will China gush up this much money just to explore for oil, China has also agree to pay $240 million to build schools and do other social projects.
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