|Chinese Energy Companies Launch Oil Wars in Africa|
|by Tom McGregor||Mon, Dec 9, 2013, 11:24 PM|
As China is emerging into an economic superpower, the country faces a growing need for more energy resources to continue to achieve rapid economic growth ratres. However, China's State-owned oil & gas corporations are waging bitter feuds against their international energy rivals.
The People's Daily reports that, "China Petrochemical Corp, Asia's top refiner, is expanding in Africa through investment and social involvement ... As Africa becomes increasingly important in the global energy structure, with growing proven reserves of oil and natural gas, China Petrochemical Corp has big plans for the continent."
Chinese oil & gas companies are purchasing oil drilling rights in politically and economically unstable countries in Africa.
According to the People's Daily, "In the next five years, the company - usually called Sinopec - plans to invest another $20 billion in Africa and deepen cooperation and exchanges with African governments, companies, people and other stakeholders, said Fu Chengyu, chairman of Sinopec. Having operated in Africa for the past 20 years, the company's assets there totaled $22 billion as of June 30, according to its official statements."
Nevertheless, Sinopec executives refuse to speak on-the-record to the media, including to Chinese State-owned media outlets.
To read the entire article from the People's Daily, link here:
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