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Hosea 4:6 My people are destroyed for lack of knowledge…

China steps up buying spree in Africa

Posted by truthpills on 2009/07/11

by Staff Writers
Lagos, Nigeria (UPI) Jul 9, 2009
China’s oil companies, buoyed by the country’s foreign exchange reserves that now top $2 trillion for the first time, are on another buying spree in Africa, further challenging the century-long domination of the continent’s mineral wealth by Europe’s great powers.

So intense is Beijing’s drive for wider access to energy resources to fuel China’s economic growth that its main state-run oil companies are now competing among themselves.

The Big Three — China National Petroleum Corp., Sinopec and the China National Offshore Oil Corp. — are all likely to be among the top bidders when one of West Africa’s newest oil producers, the island state of Sao Tome e Principe, which straddles the equator in the Gulf of Guinea, opens up its exclusive economic zone for the first time.
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