85% of Oman's oil earmarked for China - The Washington Times: "unlike private Western oil companies who are beholden to shareholders and profit margins, Chinese state-owned oil-traders have been given the mandate to secure long-term energy relationships by offering hugely discounted rates, production-sharing arrangements and technical know-how. The fact that China has overpaid for recent ventures in Oman, Sudan and elsewhere is telling. Rather than investing in money-makers, China is buying footholds throughout the Middle East. These footholds are popping up everywhere. While China's relations with Saudia Arabia and Iran have received the most press, its dealings in countries such as Oman and Sudan are even more extraordinary. In Sudan, China is the single largest shareholder of an oil company consortium that dominates Sudan's oil industry and the chief investor in the country's largest pipeline. In Oman, a phenomenal 85 percent of the country's oil exports is currently earmarked for Beijing."

Emphasis added. (Link via Instapundit.com)