China's Hu Signs Hugh!!! Oil Deal With Nigeria

[NNN0LHI]

http://www.forbes.com/home/feeds/ap/2006/04/27/ap2703836.html

Chinese President Hu Jintao said Thursday his government will seek closer ties with Africa - a resource-rich frontier for the world's fastest growing economy - after signing a series of major business deals with oil-rich Nigeria.

Hu, on the second and final day visiting Africa's largest oil producer before heading to Kenya, said China is seeking "a strategic partnership" with the continent that would improve living standards for Africa.

Hu and Nigerian President Olusegun Obasanjo signed an agreement Wednesday that requires Nigeria's petroleum ministry to give China's state oil firm preferential access to four blocks of oil exploration rights in return for China taking over a money-losing refinery in the northern city of Kaduna.

China also agreed to build a hydroelectric power station in the northeastern Mambilla plateau and a fast-rail system linking the capital, Abuja, with the economic capital, Lagos.

[savemefromdumbya]

1. We'd better start learning Chinese

[Guy Whitey Corngood]

5. I mentioned the other day that it would make the transition

over to our new overlords a lot smoother. ;)

[KamaAina]

2. This is HU!!!111!!11!!

it had to be done :-)

[MADem]

3. Well, I guess those Chinese are "series" then about securing energy

resources for themselves!

[Robbien]

4. China is involved in the Sudan

China National Petroleum Corp., owned by the Chinese government, invested $300 million in an expansion of Sudan’s largest refinery, doubling its output. The refinery now supplies most of Sudan’s petroleum needs.

The CNPC also began production of oil at a field in southern Darfur in 2004 and has a 41-percent share of the oil from a field in the Melut Basin. Another Chinese firm, Sinopec Corp., built a 1,000-mile pipeline from that complex to Port Sudan on the Red Sea, where China has built a tanker terminal.

All in all, China buys about two-thirds of Sudan’s oil.

The turmoil in Sudan has a lot to do with China and the US fighting over who gets to screw Sudan out of its oil I believe.

Nigeria is heading for more trouble.

[SoCalDem]

6. China will eat our lunch...

They need oil a LOT.. Our own corporations are building them up, and they are READY to join the modern world. They have LOTS of people who have thrown off the old ways and are into consumption in a big way.

We gave them the technology, the experts, the companies and they sent us plastic shit to sell at Walmart. We OWE them tons of money, and have no leverage now.

They are unstoppable. We better get used to it. They can and will "outbid" us in the open market. They are where WE were in our heyday..

and did I mention that they have a HUGE military to back them up if we get "uppity" with them?

[madrchsod]

7. no wonder wally world dropped the smilie face!

china has close to 20,000,000 men who will not be able to find wifes because of the one child rampage the government released years ago. china has at least 10-15 years behind the usa in command and control operations and capable leadership at the top. you see why our military want rummy gone along with bush.

[SmokingJacket]

8. Yipes, hadn't thought of that.... nt

[SoCalDem]

9. Frustrated , unhappy men make excellent soldiers

:scared:

[elehhhhna]

10. They may as well eat our lunch. They're paying for it.