You may have heard the news recently that a Chinese business with strong ties to the Chinese government (we are shocked) has recently purchased the iconic Waldorf Astoria Hotel in Manhattan.
The historic structure with its secret underground train station, used as a private escape route for the extremely wealthy and a succession of U.S. Presidents, is also the permanent residence of the U.S. Ambassador to the United Nations and hosts hundreds of U.S Diplomats during UN General Assemblies. The U.S. State Department is more than a little concerned that the announced plans by the new owners to undertake huge renovations will turn the hotel into one big infiltrated spy center by the new owners.
Now from the DESMOGBLOG comes a story about how another nation, Kuwait, is investing heavily in the North American Oil and Gas business. On the same day that the Bejing based Anbang Insurance Group purchased the Waldorf Astoria, the state-owned Kuwait Foreign Petroleum Exploration Company purchased a $1.5 billion stake in the Alberta Tar Sands.
Steve Horn and the DESMOGBLOG bring us the story.
Steve Horn, DeSmogBlog, 14 October 2014
Chevron made waves in the business world when it announced its October 6 sale of 30-percent of its holdings in the Alberta-based Duvernay Shale basin to Kuwait Foreign Petroleum Exploration Company (KUFPEC) for $1.5 billion.
It marked the first North American purchase for the Kuwaiti state-owned oil company and yields KUFPEC 330,000 acres of Duvernay shale gas. Company CEO and the country’s Crown Prince, Sheikh Nawaf Al-Ahmad Al-Jaber Al-Sabah, called it an “anchor project” that could spawn Kuwait’s expansion into North America at-large.