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Vol 3 (AAC) No 2

Published 1st December 2009


China's positioning in the Kosmos

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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