Asian Companies Struggle to Break Western Dominance in Africa

10 August 2009 (Last Updated August 10th, 2009 18:30)

Asian oil companies still have a way to go before shaking off the dominance of their US and European counterparts working in Africa, according to a new report. The report by the Royal Institute of Public Affairs at Chatham House said that the fears of an Asian takeover in the Nigerian

Asian oil companies still have a way to go before shaking off the dominance of their US and European counterparts working in Africa, according to a new report.

The report by the Royal Institute of Public Affairs at Chatham House said that the fears of an Asian takeover in the Nigerian and Angolan oil industry were “highly exaggerated”.

Oil companies, mainly from China, South Korea and India, which have eyed the African region to meet local energy demand, have acquired equity participation in the region only in the past five years.

The report said that the companies have only managed to gain “footholds” since 2004, and not enough to trouble the oil majors.