December 03, 2008

China wants 40% of oil and gas imports from Africa

Reuters reported that China wants up to 40% of its oil and gas imports to come from Africa in the next 5 to 10 years.

Mr Zhiming Zhao executive president of China Petroleum and Petro-Chemical Industry Association told reporters at an energy conference in Cape Town said that "We wish to increase the imports, the oil and gas from Africa from 35% to 40% in the next five to 10 years. He said that "We have a very good relationship with Africa and in future we wish to find more places to put our investments."

Mr Zhao said China had invested some 30 billion dollars in Africa's oil and gas industries.

Among the Chinese investments in Africa's oil and gas sectors, Mr Zhao mentioned Egypt where China Honghua set up a joint venture with the Egyptian Ministry of Oil to produce drilling rigs.

China National Petroleum Corp has also invested in its first overseas deep-water exploration project off the coast of Equitorial Guinea and was continuing its decade long relationship with Sudan.