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Article

24 Feb 2012

Author:
David Stanway, Reuters

Analysis: Chinese investors to tread more carefully in Africa

China's oil and commodities firms are set to tread more carefully in Africa after being stung by kidnappings, seizures of cargo and, most recently, the expulsion of a chief executive. But they won't pull back. If anything, China will broaden its exposure to the region...Any major change is instead likely to be in tone rather than intent..."When Chinese firms started in Africa, it was more driven by the political motivations of top executives of state energy giants," said a Beijing-based oil executive. "So the investments were made in a rushed and aggressive manner ... But (now) I think they will be more cautious when it comes to due diligence and investment decisions." [refers to China National Petroleum Corporation, China Non-Ferrous Metals Mining Corporation, Petrodar (joint venture Sinopec, China National Petroleum Corporation, Petronas) CNOOC, Total, Tullow, Chinalco, Rio Tinto]