Home' Trinidad and Tobago Guardian : October 22nd 2014 Contents A19
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Current oil production by the Islamic
State of Iraq and Syria (ISIS) is estimated
to be worth US$800 million per year,
equivalent to more than US$2 million per
day, according to new estimates by IHS
(NYSE: IHS), the leading global source of
information and analytics.
The terrorist group is able to generate
significant revenues despite producing
only a fraction of the pre-war oil capacity
of the territory it controls and selling what
oil it does produce at a steep discount on
the black market.
"Oil fuels ISIS's war machine, notably
including the military vehicles vital to its
movements and fighting capabilities," a
recent IHS Energy analysis says. "Oil
directly finances ISIS's myriad activities
and encourages the activities of
middlemen who sell, transport and export
the oil and thus have a vested interest in
ISIS currently controls as much as
350,000 barrels per day (b/d) in pre-war
capacity in Iraq and Syria but IHS
estimates that it is only able to produce
between 50,000-60,000 b/d with the
amount varying on a day-to-day basis.
This fraction of pre-war capacity is the
result of warfare, shut-ins and ISIS's
limited technical prowess operating the
fields, IHS says. (PennEnergy)
Terrorist oil worth US$800m a year
Although there are many oppor-
tunities for doing business in
China, there are also challenges in
sourcing goods for businesses,
Michelle Low Chew Tung, manag-
ing director, Inveni Business and
Technology, said yesterday.
"Sourcing in China is not easy.
There are lots of horror stories. If
you do not know what you are doing
you are going to lose your money,
you will lose time. The truth is, doing
business with China takes a lot of
time. China is 12 hours ahead and
while you are sleeping, you are hop-
ing your goods are being manufac-
tured in China," she told participants
at a breakfast seminar on doing busi-
ness with China at the Marriott
Hotel, Invaders Bay.
Low Chew Tung said the aim of
the seminar was to provide infor-
mation on sourcing directly from
China. Inveni is the premier product
sourcing and manufacturing com-
pany in the Caribbean and their main
source market is China.
Low Chew Tung identified cultural
differences with China: "In Western
culture you place your order while
doing business and wait. In China
you have to be there for the process
everyday and every step of the way,
checking what is happening with
the product. You build relationships
with your Chinese manufacturer or
contact. There are also language bar-
riers, handling of payments. In terms
of intellectual property rights, China
is not there as yet."
Despite these challenges, she said,
people are sourcing goods in China
because of that country s growing
economic power globally.
"The labour cost is good, the profit
margins will be higher. China has
world class consistent quality.
Sometimes you hear people talk
about low quality goods from China
but I believe you can get any quality
you want from China. There is a
process involved for what you want.
"China is known as the factory
of the world and you can get on time
delivery. It is the largest producer,
manufacturer and on the level of
innovation they are really up there.
China is also on par to overtake the
US economy" Low Chew Tung said.
She added that China has "an
abundance of resources" that are
"That is one of the reasons we
source there because everything you
want and you believe that you can
get, it is there in China," she said.
Dandan Feng, a consultant for
Inveni, said there are opportunities
for the Chinese to transfer technol-
ogy and skills to T&T businesses.
Responding to questions concern-
ing the lack of technology transfer
from Chinese companies in T&T,
Feng said: "Chinese workers work
better with their hands that
machines in construction. Although
the culture is different from T&T,
there are ways in which technology
can be transferred locally."
Challenges and opportunities in China
T&T businesses told about...
Dandan Feng, left, lead associate consultant at Inveni Business and Technology, speaks with managing director
Michelle Low Chew Tung during the company's breakfast business seminar at the Courtyard Marriott, Port-of-
Spain, yesterday. PHOTO: JEFF MAYERS
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