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China has seized the global recession as an opportunity to secure long-term deals that will make inroads into previously closed markets and enhance its energy security. The costly and often unsuccessful strategy of capturing equity barrels through direct investment is being complemented by a new model: loan-for-oil deals with governments in search of financial assistance. China has begun to lock in future supplies while establishing a large foothold in key producing states like Brazil, Kazakhstan and Russia – deepening its trade partnerships and opening new opportunities for its National Oil Companies (NOCs) and domestic service companies. Fareed Mohamedi