Africa and China: Strategic Partnership or Crypto Imperialism? As global demand for energy continues to rise, major players like the United States, European Union (EU), and Japan are facing the challenges of China as a new competitor in the race to secure long-term energy supplies. As its economy booms, China is intent on getting the resources needed to sustain its rapid growth, and is taking its quest to lock down sources of oil and other necessary raw materials across the globe. As part of its effort, China has turned to Africa, an oil-producing source whose risks and challenges have often caused it to be overlooked economically. Some reports describe a race between China and the United States to secure the continent’s oil supplies while others note that Chinese interest in Africa have surged considerably though Western States still make the vast majority of investments in Africa and remain highly influential. China’s booming economy, which has averaged annual 9% growth for the last two decades, requires massive levels of energy for sustenance. Though China relies on coal for most of its energy needs it is the second largest consumer of oil in the world behind the United States. Once the largest oil exporter in Asia, China became a net importer of oil in 1993. The international Energy Agency (IEA) projects China’s net oil imports will jump to 13. 1 million barrels per day by 20301. The extent of the country’s energy demand has compelled China to push into new markets from the Middle East, and particularly Africa2. Africa holds a fraction of the world’s proven oil reserves, 9% compared to the Middle East’s nearly 62% but industry analysts believe it could hold significant undiscovered reserves. As a result, China is seeking to increase its oil imports from the continent as it now receives about one third of its oil imports from Africa. China’s biggest suppliers in Africa as of 2006 were Angola, the Republic of Congo, Equatorial Guinea and Sudan. It has also sought supplies from Chad.. AND MUCH MUCH MORE......................................... WHAT IS CHINA UP TO?
Posted on: Wed, 10 Sep 2014 06:06:15 +0000
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