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| Photo credit: PipeLine Dreams |
Sources have it that China has been quietly buying up shares in Tullow Oil in recent weeks, since the start of June, China increased its stake tremendously in the Irish oil firm and now holds shares worth €230m.
Nearly €8m was paid the Chinese state company recently to purchase about 520,000 shares, haven purchased major stakes in BP, Total and other big resources firms now owns a near 1.5% stake in Tullow.
Haven been transformed from a sleepy North Sea oil explorer into the biggest single holder of African oil acreage, Tullow has close ties with the Chinese National Offshore Oil Company (CNOOC), Tullow sold one-third stake in bumper Ugandan oilfield to the Chinese.
It has been rumored that there are plans to spend up to €4.2bn building a pipeline from the oilfield in the middle of Africa to a port on the east of the continent, the Chinese state has however spent billions trying to safeguard future energy and food supplies.
(Edited by: Blueblock)
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