A few days ago, a "magical" news came out: Chad, a small African country, confiscated and nationalized the confiscation of American-funded enterprises (American oil and gas company ExxonMobil).
Last year, ExxonMobil actually tried to talk to the Chadian government and sold its assets for $407 million, but was rejected. Unexpectedly, the assets of the global village tyrant were confiscated by this small African country in turn.
The barefoot are not afraid to wear shoes, Chad has been smashed in civil war for many years, poor is really poor, barbarism is really barbaric.
Chad: A landlocked country in central Africa, located in equatorial Africa, the terrain is flat, desert in the north and grasslands and shrubs in the south. Sandwiched between Cameroon, Central Africa, Sudan, Niger, Libya and Nigeria, it covers an area of 123.4 square kilometers.
Chad is very rich in oil, gold, uranium and other resources.
Prior to 2003, Chad's economy was dominated by livestock and agricultural exports, selling cotton, sesame seeds and gum arabic. In fact, in 1962, they found that there was oil, and a large "gold mine" was buried in the ground and could not be mined, so they continued to sell cotton.
Until 2003, after the completion of the Chad-Cameroon pipeline, Chadian oil was transported to the Gulf of Guinea through this line. The total length of the pipeline is 1,070 km, including 205 km in Chad. Most of it is financed by the World Bank, and Chad receives rental income and dividends of $2 billion per year.
Since the start of oil extraction for export in 2003, Chad's economy has been heavily dependent on oil resources. By 2014, their oil exports accounted for 90 percent of commodity exports, and oil revenues accounted for more than 60 percent of their total fiscal revenues.
At that time, the rights to oil extraction in Chad were given to three foreign joint companies.
40%: Exxon-mobil (ExxonMobil: The world's largest non-governmental oil and gas producer, headquartered in Texas, USA)
25%: Chevron (one of the world's largest energy companies, headquartered in California, USA)
35%:P Etronas (Petronas, wholly owned by the Malaysian government)
ExxonMobil, which accounts for 40 percent, is the U.S.-owned company whose assets were confiscated by Chad.
Chinese investment in Chad
Our country only resumed diplomatic relations with Chad in 2006 (before severing diplomatic relations because of the Taiwan issue)
In April 2010, an agreement was signed with the Chadian government to promote investment protection, gradually increasing investment in Chadian industry, oil refining, infrastructure and agriculture.
As the world's largest energy consumer, China needs energy, Chad needs money, so we hit it off and started cooperation. Not only Chad, but also many African countries have oil cooperation.
In 2010, nearly 30% of China's crude oil imports came from African countries. Therefore, building good relations with Africa is also an important condition for our oil security diversification strategy.