What do the recent deals youve done for Sinopec say about the dealmaking climate in China?
Both show how very determined the Chinese are to acquire oil and gas and mineral resources. The Chinese have the cash to buy companies, and they have a clear idea of what they’re trying to do. They see international opportunities and they go for them. They’re focused, and they’re organized. How is deals work different in China than in other countries? The Chinese are very personal-relationship oriented, particularly with their choice of advisers. They are more straightforward in the way they negotiate. The language barrier of course is always a factor. Also, the deals tend to be very global. Here we had a Chinese company acquiring a dual-listed Canada-U.K. company based in Geneva, with major operations in the Kurdish region of Iraq and in West Africa. It’s a little like being a conductor in an orchestra, where half the musicians are speaking different languages. Are Chinese companies winning international battles to acquire oil and gas assets? In the past few years, Chinese companies h