Thursday, 6 June 2013

China's Addax locked in $1 billion oil dispute with Gabon

Top Chinese refiner Sinopec's Addax Petroleum is embroiled in a legal dispute with Gabon over an oilfield in which claims and counter claims total more than $1 billion, sources familiar with the confidential proceedings said.
The case adds to questions about whether African enthusiasm for Chinese investment in the continent's resources is fading after an iron ore project in Gabon was placed under review and separately three Chinese licences were revoked in Zambia's coal sector.
Gabon conducted audits in 2011 and 2012 of the hydrocarbons sector, which pumps around 240,000 barrels per day and accounts for 80 percent of the Central African country's export earnings.

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