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Oil Prices Fall On Significant Crude Build

Oil Prices Fall On Significant Crude Build

Oil prices fell on Wednesday…

WTI Set For Longest Weekly Losing Streak Since 2015

WTI Set For Longest Weekly Losing Streak Since 2015

West Texas Intermediate crude was…

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



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