(Upi.com, Aug 14, 2006) China, apparently undaunted by violence in oil-rich Nigeria, increased investment in the West African nation by $3 billion over the past three years, Chinese officials said this week.
While many foreign investment firms have been forced to scale back operations amid kidnappings and militant attacks on oil installations -- violence that has slashed production levels by 20 percent -- companies like China's state-run CNOOC invested $2.3 billion earlier this year in Nigerian offshore oil and gas fields.
Other major agreements included the 2004 deal in which China will explore two sites in the Niger Delta, where most of Nigeri's production takes place. The region is also the scene of many of the militant attacks in recent months.
During his farewell tour of the country, outgoing Chinese ambassador to Nigeria, Wang Yongqiu, said Tuesday that over the past three years, source:http://www.zoomchina.com.cn/index.php?/c...