China is set to establish infrastructures in Nigeria in exchange for oil.

This is the main aim of a two-day visit by President Hu Jintao, who touched down in Abuja airport yesterday, where he was welcomed by President Olusegun Obasanjo. The trip includes Hu’s speech to Parliament today, about “Working Together to Forge a New Type of China-Africa Strategic Partnership”, after which he will go to Kenya.

Tony Chukwueke, director of the Petroleum Resources Department, said under the agreement, the fruit of months of work, China will buy a controlling stake in the state-owned Kaduna oil refinery – that produces 110,000 barrels of crude per day – and build a railroad system and power station.

China will set up infrastructures worth four billion US dollars. In exchange, the state-owned China National Petroleum Corporation got first refusal rights on four oil exploration blocks, two in the Niger Delta and two in the unexploited Chad Lake zone. China is ever more in need of oil for its economic development while Nigeria, Africa’s most populated country and among the poorest in the world, needs to build infrastructure. Since 2005, it has preferred Asian investors because they offer to build services in exchange for extraction rights. China already invests in the local telephone industry and sells textiles and other products. Many Chinese firms have set up firms in the country. Even Japan and South Korea are dealing with Nigeria.

Last week, the China National Offshore Oil Corporation bought a 45% stake, worth 2.7 billion US dollars, in an oil field. Production in expected to start in 2008. In 2005, Nigeria reached an agreement worth 800 million dollars with PetroChina for the sale of 30,000 barrels of crude per day.

The trip of President Hu Jintao in Africa and the Middle East is – according to observers – an opportunity to strengthen ties with oil-producing countries. In 2004, China clinched oil agreements with Gabon and it is the main market for Sudan’s oil. And it has agreed to inject two billion dollars into Angola in exchange for oil concessions to Chinese firms.

China needs everything, they gobble up natural resources like a fat 5 year old kid stuffing food into his mouth

they are drowning in a sea of humanity, their land and air is polluted, their sewers are backed-up, and the surface waters are all trashed

Let's just nuke 'em.

^ no... then i wouldnt have any high quality hoes to play with next time i go to china.

China needs everything, they gobble up natural resources like a fat 5 year old kid stuffing food into his mouth

they are drowning in a sea of humanity, their land and air is polluted, their sewers are backed-up, and the surface waters are all trashed

I'm forced to concur with u.

But keep in mind that China will be the next super power.

They have $$$, we don't.

Look at our debt. USA is on borrowed time with creditors like China.

We are a nation if instant gratification enhanced by the power of the credit card.

in 2020, we'll be a "has been" nation that can't even afford a war and it's fancy weapontry.

China will defeat us without even firing a shot.

Start learning Engrish 101 if u want to get by........

Chinese will do fine.

They have no problems in populating the world.

Heck, with 1 child per family they are the world's most populace nation.

China needs everything, they gobble up natural resources like a fat 5 year old kid stuffing food into his mouth

coming from an American, that's pretty funny

Only the assertation didn't come from a Canuck, did it?

coming from an American, that's pretty funny

I purposely didn't comment on that since I didn't want to follow the YZF well known practice of hypocracy, which is just as bad as lying.

there is probably significant truth in this

the U.S. is not mentioned in prophecy, it will most likely just fade away as a world superpower, overwhelmed by debt and corruption....and California will become part of Mexico, ha

a once great empire that turned it's back on God, and embraced GREED

but China "the kings of the East" won't fare any better in Armageddon....they will be wiped out

it's a terminal world...

I never realized it before, but hardcore Christians tend to be really emo....

Slap on a pair of black rimmed glasses and some old chucks, you'd fit right in....

there's more to that.

there are more frigid women and impotent men in their faith.

If u were orgasm king, why go to church?

"fit right in" with what exactly?

speak english, I have no idea what your grade school "emo" crap refers to

Grade school? LOL

Guess you're not as in-touch with the world's happenings as you'd like to believe you are. Feel free to take a moment to educate yourself....

http://en.wikipedia.org/wiki/Emo_%28slang%29

http://www.urbandictionary.com/define.php?term=emo

http://www.no-nothingrock.com/articles/emoabc/


Don't forget your reading glasses, though:

http://img.photobucket.com/albums/v193/acid_touch/emoglasses2.jpg

oh just shove it alain....you're nothing more than an american half breed, living off American wealth


u need to release some of that baby batter before it starts pouring outta ur facial orfices.

Such cranial vaginas include:

ears, nose, mouth, and tear ducts...........

It's a joke, Jesus-boy... Don't get too wrapped up about it :D

/thread hi-jack

China poses a singular challenge to the United States, Harding says, because it's becoming a "multidimensional power." Russia, during the cold war, was a challenge if not a threat to the United States, but in only one way: it had potent military capabilities. Its economy was very weak. Japan, in the 1980s, became a serious economic competitor to America but was not a military power. China, in contrast, is growing strong both economically and militarily, and increasingly using its "soft power" for its own geostrategic goals.