• 1 hour Russia, Saudis Team Up To Boost Fracking Tech
  • 7 hours Conflicting News Spurs Doubt On Aramco IPO
  • 8 hours Exxon Starts Production At New Refinery In Texas
  • 10 hours Iraq Asks BP To Redevelop Kirkuk Oil Fields
  • 1 day Oil Prices Rise After U.S. API Reports Strong Crude Inventory Draw
  • 1 day Oil Gains Spur Growth In Canada’s Oil Cities
  • 1 day China To Take 5% Of Rosneft’s Output In New Deal
  • 1 day UAE Oil Giant Seeks Partnership For Possible IPO
  • 1 day Planting Trees Could Cut Emissions As Much As Quitting Oil
  • 1 day VW Fails To Secure Critical Commodity For EVs
  • 1 day Enbridge Pipeline Expansion Finally Approved
  • 1 day Iraqi Forces Seize Control Of North Oil Co Fields In Kirkuk
  • 1 day OPEC Oil Deal Compliance Falls To 86%
  • 2 days U.S. Oil Production To Increase in November As Rig Count Falls
  • 2 days Gazprom Neft Unhappy With OPEC-Russia Production Cut Deal
  • 2 days Disputed Venezuelan Vote Could Lead To More Sanctions, Clashes
  • 2 days EU Urges U.S. Congress To Protect Iran Nuclear Deal
  • 2 days Oil Rig Explosion In Louisiana Leaves 7 Injured, 1 Still Missing
  • 2 days Aramco Says No Plans To Shelve IPO
  • 5 days Trump Passes Iran Nuclear Deal Back to Congress
  • 5 days Texas Shutters More Coal-Fired Plants
  • 5 days Oil Trading Firm Expects Unprecedented U.S. Crude Exports
  • 5 days UK’s FCA Met With Aramco Prior To Proposing Listing Rule Change
  • 5 days Chevron Quits Australian Deepwater Oil Exploration
  • 6 days Europe Braces For End Of Iran Nuclear Deal
  • 6 days Renewable Energy Startup Powering Native American Protest Camp
  • 6 days Husky Energy Set To Restart Pipeline
  • 6 days Russia, Morocco Sign String Of Energy And Military Deals
  • 6 days Norway Looks To Cut Some Of Its Generous Tax Breaks For EVs
  • 6 days China Set To Continue Crude Oil Buying Spree, IEA Says
  • 6 days India Needs Help To Boost Oil Production
  • 6 days Shell Buys One Of Europe’s Largest EV Charging Networks
  • 6 days Oil Throwback: BP Is Bringing Back The Amoco Brand
  • 6 days Libyan Oil Output Covers 25% Of 2017 Budget Needs
  • 6 days District Judge Rules Dakota Access Can Continue Operating
  • 7 days Surprise Oil Inventory Build Shocks Markets
  • 7 days France’s Biggest Listed Bank To Stop Funding Shale, Oil Sands Projects
  • 7 days Syria’s Kurds Aim To Control Oil-Rich Areas
  • 7 days Chinese Teapots Create $5B JV To Compete With State Firms
  • 7 days Oil M&A Deals Set To Rise
New Tech Could Turn Seaweed Into Biofuel

New Tech Could Turn Seaweed Into Biofuel

Scientists discovered an unlikely abundant…

Footloose Iraq Cannibalizes Saudi Market Share

Footloose Iraq Cannibalizes Saudi Market Share

OPEC’s de-facto leader Saudi Arabia…

Nigerian-Chinese Trade Soars

Nigeria's total trade investments with China for 2011 now total $8.2 billion, compared to their 2010 level of $7.7 billion, according to China’s Economic and Commercial Counselor at its embassy in Abuja, Rong Yason. A major part of the trade is Chinese imports of Nigerian oil and China wants to raise crude oil imports from Nigeria to 18 million metric tons a year from 2012-13 onwards, compared with its current rate of 13.2 million tons.
 
Rong told journalists that the Chinese government has carried out various projects in Nigeria from heavy construction to educational projects. Among the latter the Chinese government is offering 16 training courses to Nigerian officials. According to Rong about 15,000 Nigerians now work in China. Among China’s infrastructure projects are the construction of a $12 million hospital complex in Abuja and the building of a Cultural Friendship Center, the Daily Trust newspaper reported.
 
Chinese assistance not only to Nigeria, but all African countries is based on principles enunciated by Chinese Premier Zhou Enlai nearly 50 years ago. Zhou’s the Eight Principles of Development Assistance were: 1) aid should not be considered as a unilateral grant, but mutual help; 2) neither conditions nor privileges should be attached to the aid; 3) to reduce the burden of the recipient countries, a no-interest or low-interest loan can prolong the time limit if necessary; 4) the purpose of aid is to help recipient countries develop independently; 5) to increase the income of recipient countries, the programs should be designed produce quicker results with less investment; 6) China would provide the best equipment and materials for the recipient countries 7) China is to guarantee the recipient countries to master the relevant technology when technical assistance is provided and 8) experts from China should never enjoy any privileges and should receive the same treatment as the local experts in recipient countries.

By. Charles Kennedy, Deputy Editor OilPrice.com



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News