Egypt partners with Google to promote 'unmatched diversity' tourism campaign    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Taiwan GDP surges on tech demand    World Bank: Global commodity prices to fall 17% by '26    Germany among EU's priciest labour markets – official data    UNFPA Egypt, Bayer sign agreement to promote reproductive health    Egypt to boost marine protection with new tech partnership    France's harmonised inflation eases slightly in April    Eygpt's El-Sherbiny directs new cities to brace for adverse weather    CBE governor meets Beijing delegation to discuss economic, financial cooperation    Egypt's investment authority GAFI hosts forum with China to link business, innovation leaders    Cabinet approves establishment of national medical tourism council to boost healthcare sector    Egypt's Gypto Pharma, US Dawa Pharmaceuticals sign strategic alliance    Egypt's Foreign Minister calls new Somali counterpart, reaffirms support    "5,000 Years of Civilizational Dialogue" theme for Korea-Egypt 30th anniversary event    Egypt's Al-Sisi, Angola's Lourenço discuss ties, African security in Cairo talks    Egypt's Al-Mashat urges lower borrowing costs, more debt swaps at UN forum    Two new recycling projects launched in Egypt with EGP 1.7bn investment    Egypt's ambassador to Palestine congratulates Al-Sheikh on new senior state role    Egypt pleads before ICJ over Israel's obligations in occupied Palestine    Sudan conflict, bilateral ties dominate talks between Al-Sisi, Al-Burhan in Cairo    Cairo's Madinaty and Katameya Dunes Golf Courses set to host 2025 Pan Arab Golf Championship from May 7-10    Egypt's Ministry of Health launches trachoma elimination campaign in 7 governorates    EHA explores strategic partnership with Türkiye's Modest Group    Between Women Filmmakers' Caravan opens 5th round of Film Consultancy Programme for Arab filmmakers    Fourth Cairo Photo Week set for May, expanding across 14 Downtown locations    Egypt's PM follows up on Julius Nyerere dam project in Tanzania    Ancient military commander's tomb unearthed in Ismailia    Egypt's FM inspects Julius Nyerere Dam project in Tanzania    Egypt's FM praises ties with Tanzania    Egypt to host global celebration for Grand Egyptian Museum opening on July 3    Ancient Egyptian royal tomb unearthed in Sohag    Egypt hosts World Aquatics Open Water Swimming World Cup in Somabay for 3rd consecutive year    Egyptian Minister praises Nile Basin consultations, voices GERD concerns    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



China, Afghanistan sign $7 billion fuel deal
Published in Bikya Masr on 28 - 12 - 2011

Kabul (dpa) – The Afghan government on Wednesday signed a deal worth seven billion dollars with a Chinese company to explore fuel resources in its north, bordering the Central Asian countries.
The deal will allow the China National Petroleum Corporation to explore and develop fuel resources in three major areas of northern Afghanistan.
“The deal has been very much in favor of Afghanistan in terms of physical benefits,” Wahidullah Sharhani, Afghanistan's mines and industry minister told reporters in Kabul after signing the deal.
This is the first time Afghanistan has exploited its crude oil potential.
Another Chinese company had won a tender to secure copper mine in central province of Logar in 2007.
“Seventy percent (of the oil will be) the share of (the Afghan) government,” Shahrani said. “On top of the income tax on profit of the company which will go to the government of Afghanistan, it will create hundreds of job opportunities.”
There are three possible areas for oil extraction, all in north of Afghanistan, which consists of at least 87 million barrels of crude oil, the minister said. But the estimated figures were from the 1960s and would be a lot more with proper evaluation, he said.
The Chinese state-owned company will start a primary survey within a month and will install a refinery system within two years, according to officials.
The deal with the Chinese company is for 25 years.
“These investments will be important steps toward Afghanistan's self-sufficiency,” the minister said, adding it will boost the country's fledgling economy.
Mineral resources in war-torn Afghanistan, following three decades of conflict, have not been fully explored, officials say, estimating there may be three trillion dollars worth of oil and minerals.
Afghan officials have said exploiting the wealth from minerals and oils could help the economy break its dependence on foreign aid.
Minerals already documented in the country include vast reserves of high-grade iron and copper ore as well as crude oil, gas, gold, gemstones 13 different types of rare earths essential to produce electronic goods.
Last month, in an interview with the dpa, Shahrani predicted the sector could contribute “more than 5 billion dollars to the gross domestic product in 2016 through the creation of jobs and the construction of infrastructure”.
BM
ShortURL: http://goo.gl/qtdhl
Tags: Afghanistan, China, Deal, Fuel
Section: Asia, Business, East Asia, Latest News


Clic here to read the story from its source.