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Chinese investors prefer countries of Africa and African oil chooses China
Wednesday, 11 May 2011 18:26

 

A few days ago the representatives of China held talks with representatives of countries of Africa at the Africa World Economic Forum, which was held in Cape Town, South Africa. While at this forum was attended by representatives from 60 countries, representatives of China on this forum have become the most welcome. At present, China has invested in 49 countries in the African continent, only in Zambia, Nigeria, Egypt Ethiopia and China has invested more than $ 250 million in local infrastructure development. According to statistics of Zambia- China's investment helped to create 15,000 jobs in the country in 2010, and in Uganda, China became the largest investor in 2010. But African countries have become important and interesting for China, primarily for its natural resources, especially-the oil. The sharp rise in oil demand in China with its rapid economic growth of China has been vigorously of policy resource diplomacy. With more than three trillion dollars in its reserves, China pursues an active petroleum geopolitics, and Africa is at the center of attention, the priority is the central district between Sudan and Chad. China National Petroleum Company (CNPC) -is the largest foreign investor in Sudan, with $ 11 billion, embedded in the development of oil fields. Beginning in 1999, China has invested in Sudan, about $ 27 billion USA. He owns 50% of a refinery near Khartoum with the Sudanese government. Oil deposits are concentrated in the south, so CNPC built an oil pipeline from its concession blocs 1, 2 and 4 in southern Sudan for a new terminal in Port Sudan on the Red Sea, where oil is loaded onto tankers for China. Eight percent of China's oil now comes from southern Sudan. China picks up 65 - 80% of the daily 500,000 barrels of Sudanese oil. Even during the Boao Forum in mid-April 2011, China began implementation of several initiatives to ensure long-term supply of raw materials from Africa. Currently there is no problem with a higher priority for China, than ensuring the long-term oil supplies. And the African countries in the negotiations give preference to China and not to any other countries in the world, because China give a credits to the most favorable terms, unlike the IMF, which imposes very strict requirements to its creditors. But most importantly, China is building in Africa roads and infrastructure. China -is the only country in the world to be generous in providing their concessionary interest-free loans and even grants for the poorest countries of Africa. These loans are for infrastructure, including roads, hospitals and schools, and are a stark contrast with the rough and stringent requirements of the IMF and World Bank. Therefore, unlike the World Bank, China has been very shrewdly not condition their lending conditions than to each year attracts more and more new African countries and expand cooperation with old African friends. Ultimately, the investment will not only help China's economy to ensure its natural resources, but also contribute to the economic growth of African countries that have recognize the many critics of Chinese policy. In one World Bank report announced, that Africa- certainly benefited from Chinese investment. The advantage of China - China operates in countries, that are the target of Western sanctions, which China is positioning itself as an alternative partner, which brings him weighty economic and political dividends. China hope for further cooperation further economic cooperation between China and African countries, and this could have huge implications for the Russian oil industry, especially in light of the current conflict, associated with the refUSAl of the Chinese side to full pay for oil deliveries from Russia to China. China can abandon oil deliveries from Russia and to choose African countries, as the main source of oil. Africa, judging by the volume of Chinese investment in Africa, now is much more important for China. More information about China can be viewed on our forum: http://hainanwel.com/forum/viewforum.php?f=56


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