Recently, a Chinese company has won a huge oil project of up to 6.1 billion US dollars (about 41.7 billion yuan) in Africa.
Recently, China Construction Group Co., Ltd., the world's largest investment and construction group, announced that it signed a contract with the Eastern Egypt Oil and Gas Company on September 2 for the US$6.1 billion contract for the general contractor of the Suez refining and petrochemical plant in Egypt.
According to reports, Egypt Suez's 8 million tons refinery and petrochemical plant project is located in the Suez Canal Economic Development Zone, which is a key cooperation between China and Egypt. Upon completion, it will greatly enhance the production and export of Egyptian refining and petrochemical products and promote the economy of Egypt. Upgrade and rapid development drive the export of equipment, technology and standards in the Chinese petrochemical industry.
It is foreseeable that this time Chinaâ€™s construction will go out and lay a good foundation for a new round of Chinese oil companies to go global. The investment of Chinese oil companies in Africa will enter a new era.
An excellent opportunity to enter Africa
On September 4, the Beijing Summit of the China-Africa Cooperation Forum in 2018 was successfully closed. This is also the largest and most standard home-based diplomatic event held in China so far. This meeting brought a lot of good news to Chinese companies, especially Chinese oil companies that are interested in entering Africa.
The meeting adopted the Beijing Declaration on Building a Closer Community of Destiny between China and Africa and the China-Africa Cooperation Forum-Beijing Action Plan (2019-2021).
Among them, the China-Africa Cooperation Forum-Beijing Action Plan has planned for pragmatic cooperation in various fields in the next three years and for some time to come, and depicts a new blueprint for win-win cooperation and common development in China-Africa cooperation.
The summit proposed that in order to promote the smooth implementation of the "Big Eight Actions", China is willing to provide 60 billion US dollars in support to Africa through government assistance, financial institutions and corporate investment and financing.
The President of the African Development Bank announced that in the next five years, the African Development Bank will invest 12 billion U.S. dollars in the African energy sector, which is an area we can cooperate with.
Chairman of the China-Africa Development Fund: China-Africa economic and trade development has shifted from traditional trade and engineering contracting to a three-dimensional all-round cooperation based on investment. African countries are eager for Chinese investors to invest directly in the local construction and bring their skills and experience to China.
The use of RMB for settlement has gradually become an intrinsic demand for Sino-African economic and trade exchanges. Taking the Agricultural Bank of China as an example, the cross-border RMB business of the Agricultural Bank of China in the first half of this year exceeded RMB 560 billion, of which the cross-border RMB business volume in Africa increased by 99% year-on-year.
China's 60 billion U.S. dollar support, the African Development Bank, the $12 billion investment in the energy sector, and the vigorously promoted RMB settlement business will undoubtedly bring benefits to Chinese oil and petroleum companies entering Africa. Chinese oil companies have entered Africa, and a new round of investment is opening.
Three barrels of oil are already working
In fact, three barrels of oil were already deployed in Africa before the meeting.
We noticed that during the meeting, PetroChina and South Sudan signed the Memorandum of Understanding on Cooperation between PetroChina and South Sudan.
Immediately afterwards, it signed a Memorandum of Understanding on Cooperation between China National Petroleum Corporation and the Ministry of Oil and Gas of the Republic of Sudan.
The presidents of the two countries both expressed the hope that PetroChina will accelerate the exploration and development of petroleum on the basis of the existing cooperation blocks and continue to exert its advantages in terms of technical support and personnel training.
Among the many overseas investments of PetroChina, the Sudanese oil project has always been regarded as a successful sample of PetroChinaâ€™s â€œgoing outâ€ and the first overseas investment project of PetroChina.
Under the general trend of China-Africa comprehensive cooperation, the signing of these two memorandums of understanding has undoubtedly given PetroChina a return to Sudan and has made a good start.
Looking at the whole of Africa, over the past 20 years, PetroChinaâ€™s cumulative equity investment in Africa has reached more than US$80 billion, and it has built an annual production capacity of 110 million tons of crude oil.
There is also Sinopec. At present, Sinopecâ€™s assets in Africa total more than 20 billion US dollars. On March 8, 2018, the South African Competition Tribunal issued a notice approving Sinopec's acquisition of up to $900 million. This is Sinopec's first large-scale refining project in Africa, the largest single investment in Africa, and the refining, oil and non-oil sales and lubricants businesses across the asset value chain.
CNOOC: In 2006, CNOOC spent US$2,268 million to acquire the interests of Nigeriaâ€™s 1 billion-ton giant oil field. On July 15, 2018, the Nigerian National Oil Company (NNPC) announced that CNOOC intends to provide it for its existing presence in Nigeria. The project will reinvest 3 billion U.S. dollars (about 20 billion yuan), and the cooperation between CNPC and Nigeria will be more frequent in the future.
a huge oil and gas investment market
According to the African Development Bank, four of the six fastest growing economies in the world are in Africa; Africa's GDP is expected to double to $5.6 trillion over the next decade.
It is reported that 90% of the more than 10,000 Chinese companies entering Africa are private enterprises, 74% of which are optimistic about entering Africa, 63% have long-term investment, and 25% of Chinese companies The investment can be recovered in the first year.
In addition, the most important thing is that Africa has abundant oil and gas resources, with about 126.5 billion barrels of oil reserves, accounting for about 12% of the world's total oil reserves; natural gas reserves are about 500 trillion cubic meters, accounting for about 10% of the world's total reserves. %.
According to data from Baker Hughes, the number of oil rigs operating in African waters has risen to its highest level in two years. Energy consultancy Rystad Energy AS expects the number of offshore exploration wells in Africa to increase to 30 this year, after the number of exploration wells has fallen for three consecutive years, compared to 17 last year.
This means signs of recovery in the oil industry in the region. As oil prices have risen, the world's largest oil companies, including ExxonMobil, Royal Dutch Shell and BP, are setting up camps across Africa.
In addition to foreign major oil companies and three barrels of oil, in the huge oil and gas market in Africa, it is also active in other Chinese companies.
During the meeting, GCL Group announced that it will hand in China Poly Group to build the East African oil and gas economic belt with the â€œEthiopia-Djibouti Oil and Gasâ€ project and build oil and gas pipelines to form the East Africa Energy Corridor.
In June of this year, GCL-Poly 'Aegis Oil and Gas Project' has successfully exploited the first barrel of crude oil in Ethiopia's history. At present, the project is accelerating the construction of oil and gas pipelines, and will soon build large and medium-sized projects with an annual output of 3 million tons of LNG, and expand to an annual output of 10 million tons in the long run.
In Djibouti, GCL Group and Poly Group are cooperating with China Merchants Group and China Communications Group to jointly construct 10 million tons of oil refining projects and 15 million tons of LNG liquefaction projects.
The huge market for oil and gas investment in Africa is opening, and gold miners on all sides are already eager to try.
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