Although Chinese companies have not yet bid for Kosmos's 30%
stake in Ghana's Jubilee field, the China Development Bank has
bought Beijing's companies a great deal of capital. The Ghana
National Petroleum Corporation wants to block United States
oil major ExxonMobil from going through with its US$4 billion
offer for Kosmos's share and buy it itself. On 8 December, the
CDB, the Ghanaian Finance Ministry and the GNPC signed a strategic
cooperation agreement to have the CDB finance future infrastructure
projects on the Jubilee field. Although no financing total was
announced at the deal's signing, it is worth several billion dollars
and will enable Ghana to play a bigger role in the exploitation
of its own oil and gas reserves. Finance Minister Kwabena Duffuor's
initial request was for $2 bn. in September when negotiations
between Ghana and the Chinese bank began (AAC Vol 2 No 11). Production
from the 1.8 bn. barrel Jubilee field is expected in 2010....
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