China: Into Africa (continued)

Via Energy Daily, news that China National Petroleum Corp (CNPC), has agreed to invest in a joint venture oil refinery near the capital of Chad.  Just a further example of China push into Africa’s oil & gas sector.  Curious as to why other countries are not as aggressive on this continent.

“A subsidiary of CNPC, the CNPC Service and Engineering Ltd, has signed an agreement with the central African country’s government to jointly invest in a refinery company to the north of the capital N’Djamena, Xinhua news agency reported, quoting a company announcement….

…Chad, which has a population of about 9.8 million, is an increasingly important oil exporter, while China is building a major presence in Africa, particularly aiming to guarantee supplies of oil and other commodities for its booming economy.

Since its first cooperation on oil exploration with Sudan in 1996, China had invested in 27 major oil and natural gas projects in 14 African countries by the end of 2005 including Sudan, Algeria, Angola and Nigeria, Xinhua said.”

This entry was posted on Saturday, October 13th, 2007 at 4:54 am and is filed under Chad, China, China National Petroleum Corporation.  You can follow any responses to this entry through the RSS 2.0 feed.  Both comments and pings are currently closed. 

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