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Fight For Ghana's Oil: Exxon vs China

Comment: YES, GO WITH CHINA !!!!!!!!!!!

2009-10-13 06:38:09
Comment to:
Fight For Ghana's Oil: Exxon vs China

Let us not do to our OIL what we have done to our GOLD. We produce on the average 2.6 million ounces of gold per year, and yet at a time when gold is selling at US$1000.00 per ounce we earn just about US$250 million per annum for our gold. Our gold "belongs" to the foreign investors who drop us just crumbs in the form of annual royalty and tax revenue. The way to avoid this in our oil sector is to go for the Chinese who ensure that the country with the resource ultimately owns its resource by way of share offloads to that country over time as China recovers its investment. China has done this in Sudan which now owns 80% of its oil as a result of share offloads by CNOOC. Western Oil Companies on the other hand have a policy of coming in to own everthing and pay only taxes and royalties to the country with the resource. We will remain in the economic wilderness for ever if we do not find ways of owning or sharing our natural resources instead of surrendering them completely to foreign investors. We should learn from the the way we have mishandled our gold. The natural resources God blessed us with must benefit our people as well as the foreign investors who come in to exploit them. The Chinese concept of sharing is definitely better than the Western concept of grabbing everything.

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10-12 18:21
YES, GO WITH CHINA !!!!!!!!!!!
10-13 06:38