Quotes of the Day

Monday, Jun. 26, 2006

Open quoteWen Jiabao's whistle-stop tour through Africa last week marked the third visit to the continent by top Chinese leaders this year. Since January, Premier Wen, President Hu Jintao and Foreign Minister Li Zhaoxing have traveled to a total of 15 African countries. Why? Hu insisted during his Congo trip that "China is not seeking selfish interests" in Africa. But with the country's insatiable thirst for energy, Africa has swiftly become one of its key business partners: trade between China and Africa jumped 37% to $40 billion in 2005, and Angola was China's top provider of crude oil in the early months of this year. Here are just some of the deals Wen, Hu and Li took home.

WEN JIABAO
Egypt Wen presented Egypt with a $50 million loan and signed 10 oil, natural-gas and telecommunications accords. China also invested $10 million in an industrial area northwest of the Gulf of Suez

Angola Beijing and Luanda finalized a $1.4 billion deal between China's Sinopec and an Angolan oil producer to develop new offshore fields. President Jose Eduardo dos Santos hailed China's "pragmatism," which he said had helped speed the war-torn country's reconstruction

HU JINTAO
Nigeria During Hu's visit this April, the former British colony granted China four oil-drilling licenses while China offered $4 billion in infrastructure assistance. China National Offshore Oil Corporation (CNOOC) invested $2.3 billion in an oil field the week before Hu's visit, its largest ever overseas acquisition

Kenya In Nairobi, Hu helped CNOOC secure oil-exploration rights to more than 115,000 sq km of the Indian Ocean. China will bestow $7.5 million in aid and grants for malaria medicine, rice and a sports stadium

LI ZHAOXING
Liberia In Monrovia in January, Li won a promise that Liberia would support Beijing's "one China" policy regarding Taiwan. Meanwhile, China offered $25 million for Liberian reconstruction and a $5 million interest-free loan Close quote

  • Hanna Kite
  • China's top leaders are wooing African nations in pursuit of the continent's wealth of natural resources
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