China’s race for energy resources only just heating up

China’s $2.3-billion Nigerian oil venture is a major step forward for the energy ravenous country as it seeks to power its fast-growing economy but analysts said on Tuesday the race was just heating up.

China National Overseas Oil Corp (CNOOC)’s purchase of a 45% stake in the Akpo field off the West African nation is the biggest overseas investment by Beijing since China National Petroleum Corp’s (CNPC) took over central Asia’s PetroKazakhstan for $4,18-billion in October.

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