Wednesday, September 30, 2009

And the Winner is....

So it seems China's about to beat Russia to the finish line for Nigeria's oil reserves, at a whopping $30bn+... And all this without the consent/ buy-in of the Nigerian people. God bless our country! Skeptics (of which there are many) doubt the benefits of this new deal with CNOOC will trickle down to the populace, and wonder whether this new regime of oil miners will be better than the last (given the Chinese' notoriety of importing their own staff into any venture they undertake). While Libya and Angola are currently pushing back on China's plans to take over more oil reserves in their countries, it is important to note that "more than $10 billion of contracts with Nigeria signed in 2006 -- including renovation of a railway, the refurbishment a refinery and the launch of a satellite -- didn't produce results." In the meantime, it looks like MEND is voicing its vote against the alleged deal.

So, what say you?

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