• 1 hour Total Could Lose Big If It Pulls Out Of South Pars Deal
  • 3 hours Dakota Watchdog Warns It Could Revoke Keystone XL Approval
  • 20 hours Oil Prices Rise After API Reports Major Crude Draw
  • 21 hours Citgo President And 5 VPs Arrested On Embezzlement Charges
  • 21 hours Gazprom Speaks Out Against OPEC Production Cut Extension
  • 22 hours Statoil Looks To Lighter Oil To Boost Profitability
  • 23 hours Oil Billionaire Becomes Wind Energy’s Top Influencer
  • 1 day Transneft Warns Urals Oil Quality Reaching Critical Levels
  • 1 day Whitefish Energy Suspends Work In Puerto Rico
  • 1 day U.S. Authorities Arrest Two On Major Energy Corruption Scheme
  • 2 days Thanksgiving Gas Prices At 3-Year High
  • 2 days Iraq’s Giant Majnoon Oilfield Attracts Attention Of Supermajors
  • 2 days South Iraq Oil Exports Close To Record High To Offset Kirkuk Drop
  • 2 days Iraqi Forces Find Mass Graves In Oil Wells Near Kirkuk
  • 2 days Chevron Joint Venture Signs $1.7B Oil, Gas Deal In Nigeria
  • 2 days Iraq Steps In To Offset Falling Venezuela Oil Production
  • 2 days ConocoPhillips Sets Price Ceiling For New Projects
  • 5 days Shell Oil Trading Head Steps Down After 29 Years
  • 5 days Higher Oil Prices Reduce North American Oil Bankruptcies
  • 5 days Statoil To Boost Exploration Drilling Offshore Norway In 2018
  • 5 days $1.6 Billion Canadian-US Hydropower Project Approved
  • 5 days Venezuela Officially In Default
  • 5 days Iran Prepares To Export LNG To Boost Trade Relations
  • 5 days Keystone Pipeline Leaks 5,000 Barrels Into Farmland
  • 5 days Saudi Oil Minister: Markets Will Not Rebalance By March
  • 6 days Obscure Dutch Firm Wins Venezuelan Oil Block As Debt Tensions Mount
  • 6 days Rosneft Announces Completion Of World’s Longest Well
  • 6 days Ecuador Won’t Ask Exemption From OPEC Oil Production Cuts
  • 6 days Norway’s $1 Trillion Wealth Fund Proposes To Ditch Oil Stocks
  • 6 days Ecuador Seeks To Clear Schlumberger Debt By End-November
  • 6 days Santos Admits It Rejected $7.2B Takeover Bid
  • 6 days U.S. Senate Panel Votes To Open Alaskan Refuge To Drilling
  • 7 days Africa’s Richest Woman Fired From Sonangol
  • 7 days Oil And Gas M&A Deal Appetite Highest Since 2013
  • 7 days Russian Hackers Target British Energy Industry
  • 7 days Venezuela Signs $3.15B Debt Restructuring Deal With Russia
  • 7 days DOJ: Protestors Interfering With Pipeline Construction Will Be Prosecuted
  • 7 days Lower Oil Prices Benefit European Refiners
  • 7 days World’s Biggest Private Equity Firm Raises $1 Billion To Invest In Oil
  • 8 days Oil Prices Tank After API Reports Strong Build In Crude Inventories

Nigerian-Chinese Trade Soars

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