China’s oil imports from Africa set to increase to 40 per cent of total imports in the next 10-15 years, from the current levels of 30 per cent
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The Executive President of China Petroleum and Petrochemical Industry Zhiming Zhao, while speaking on the sideline of the 3rd Sub-Sahara Oil and Gas Conference in Cape Town, South Africa announced that China was set to invest $30 b in oil and gas projects in Africa in the next 10-15 years. These investments would increase China’s oil imports from the resources-rich continent to 40 per cent from the current figure of 30 per cent. Zhiming also noted that Nigeria, Africa’s biggest oil exporter, would be the top beneficiary of these increased investments1.
- 1. “China to invest $30bn in African oil and gas”, Tide News, March 22, 2008, at http://www.thetidenews.com/article.aspx?qrDate=03/19/2008&qrTitle=China%...$30bn%20in%20African%20oil%20and%20gas&qrColumn=BUSINESS