Gold Star Resources' CEO Says China, U.S. Battle for African Oil 'Intense'
The battle between China and the United States over Africa's oil and gas resources is becoming more and more intense,"
said Patrick Morris, President and CEO of Gold Star Resources Corp. The company recently signed a Letter-of-Intent with Bengal Bight Ghana Ltd. to acquire 100% interest in the hydrocarbon rights of Bengal's 1,000 sq. km. Tiampoum mining concession in Cote d'Ivoire, near the border of Ghana. Gold Star also recently disclosed that it acquired International Resource Strategies Liberia Energy, Inc. The company has emerged as the first Canadian junior resource company seeking 'onshore' oil and gas projects in West Africa since the 1970s.
According to Morris, "The International Energy Agency now projects that China's net oil imports will soar from 3.5 million barrels per day in 2006 to over 13 million barrels per day by 2030. China already receives 60% of Sudan's oil exports. While the U.S. today is still the number one importer of Africa oil, China is quickly closing the gap and has already sped past Great Britain and France to emerge as Africa's second largest trading partner. China's industrial growth has made that nation the second largest consumer of oil worldwide. There's no question that China is winning more and more of African oil as each month passes."
Morris also pointed out that trade between Africa and China has grown about 30% in the past ten years. "Based on substantive government reports, trade between Africa and China will exceed $100 billion by 2010," the Canadian oil executive predicted. "The United States and China will now be in an intense competitive race for the lion's share of this trade market. Both nations will be pouring billions of dollars into rebuilding Africa's infrastructure including transportation, medical and educational projects. These projects go hand-in-hand with the African oil scramble and will ultimately benefit the African people and their economy over the next 20 years. China is using the African oil and gas markets to rapidly surpass the United States from a geopolitical and economic standpoint."