Chinese Set To Take Over Nigerian Oil

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Chinese state-owned oil company CNOOC has been in talks with Nigeria to buy large stakes in some of Africa’s richest oil blocks, the Financial Times reported.

The value of the potential deal was not disclosed, but some details suggested a figure of around $30 billion, the FT said.

It said CNOOC, China’s No.3 oil and gas producer and an offshore specialist, was bidding for 6 billion barrels of oil, equivalent to one sixth of the proven oil reserves in Nigeria, which vies with Angola to be Africa’s largest oil producer.

In this move by china,the ruthlessness of the Chinese economy Plus the corruption of our Leaders ,won’t this enslaved us to the Chinese forever?

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