China Commits $1 Billion To Six-Lane Highway Around Main Nigerian Oil Port - AFP

[hatrack]

China has committed $1 billion to the creation of a six-lane highway surrounding Nigeria's de facto oil capital, Port Harcourt, the latest indicator of Beijing's intent to become a leader in African oil extraction. The China Harbor Engineering Co. signed a deal this week with the African Finance Corp. for the 75-mile road that AFC officials said in a statement also would help improve other aspects of Port Harcourt's crumbling infrastructure, such as electricity, and would "be a catalyst to the city's economic development."

The State Grid Corp. of China is also slated to play a role in improving the city's and the region's electric grid during construction of the road.

The agreement this week marks the latest effort by China to further its position in Nigeria's troubled energy sector, which in recent months has slipped from the oil-and-gas-rich Niger Delta.

The violence plaguing other foreign energy firms doesn't seem to bother Chinese officials, however, as investment in Nigeria has increased considerably over the last few years, while other nations' firms have downsized operations or pulled out altogether.

EDIT

http://www.energy-daily.com/reports/Analysis_China_dedicated_to_Nigerian_oil_999.html

[hogwyld]

1. That's why China is winning it all

They have no reservations on how or where they get their oil. While the rest of the world is going back to the bicycle, train, horse/buggy, the Chinese will all be driving around in cars and paying 50 cents a gallon. We're doomed...