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Early in 2006 Chinese President Hu Jintao signed an oil exploration contract with Kenya; the latest in a series of deals designed to keep Africa's Natural Resources flowing to China's rapidly-expanding economy. The deal allowed for China's state-controlled offshore oil and gas company, CNOOC, Ltd., to prospect for oil in Kenya, which is just beginning to drill its first exploratory wells on the borders of Sudan and Somalia and in coastal waters. No oil has been produced yet, and there has been no formal estimate of the possible reserves.

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16y ago

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