• 4 minutes England Running Out of Water?
  • 7 minutes Trump to Make Allies Pay More to Host US Bases
  • 10 minutes U.S. Shale Output may Start Dropping Next Year
  • 14 minutes Washington Eyes Crackdown On OPEC
  • 3 hours One Last Warning For The U.S. Shale Patch
  • 10 hours Russian Effect: U.S. May Soon Pause Preparations For Delivering F-35s To Turkey
  • 7 hours Chile Tests Floating Solar Farm
  • 2 hours China's Expansion: Italy Leads Europe Into China’s Embrace
  • 18 hours Poll: Will Renewables Save the World?
  • 2 hours China's E-Buses Killing Diesel Demand
  • 18 hours New Rebate For EVs in Canada
  • 9 hours Trump Tariffs On China Working
  • 9 hours Biomass, Ethanol No Longer Green
  • 11 hours Trump sells out his base to please Wallstreet and Oil industry
  • 1 day Boeing Faces Safety Questions After Second 737 Crash In Five Months
  • 20 hours The Political Debacle: Brexit delayed
  • 16 hours 3 Pipes: EPIC 900K, CACTUS II 670K, GREY OAKS 800K
  • 11 hours Read: OPEC THREATENED TO KILL US SHALE
A Paradigm Shift In The Permian

A Paradigm Shift In The Permian

As Wall Street sours on…

Big Pivot In Energy Is Gaining Momentum

Big Pivot In Energy Is Gaining Momentum

The shift towards renewable energy…

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