China National Oil Corporation (CNOOC), one of China’s largest state-run oil and gas producers, has agreed to buy a stake in South Atlantic Petroleum (SAPETRO), an offshore oil and gas field owned by former defence minister, Lt.-Gen Theophilus Danjuma, for N290 billion or $2.3 billion, reported the Nigerian Leadership newspaper recently.

Information available to LEADERSHIP indicates that the company will buy a 45 per cent stake in the license covering the OML 130 field, which is owned by SAPETRO in deep waters near the Niger Delta.

CNOOC is hunting overseas oil and gas assets to supply its domestic market. China’s appetite for commodities such as oil and gas is second only to that of the United States. The OML 130 field covers almost 500 square miles, and was first discovered six years ago. It is reported to need billions of dollars of investment before it comes on stream in two years’ time.

Company chairman and chief executive, Fu Chengyu, said the purchase would give CNOOC access to “an oil and gas field of huge interest and upside potential, located in one of the world’s largest oil and gas basins”. CNOOC is one of four big oil companies created when China’s oil industry was restructured seven years ago. Its parent company is controlled by the Chinese government. CNOOC shares were suspended before the start of trading in Hong Kong on Monday, ahead of the announcement.

The company has bought access to overseas oil and gas resources in a number of countries in recent years, including Indonesia and Australia.

Last year CNOOC failed to buy US firm Unocal following what it called unprecedented political opposition to its plans from U.S. lawmakers.

The deal still needs to be approved by the Nigerian National Petroleum Corporation and the Chinese government.

Prime Minister Shaukat Aziz has said that Pakistan has become a destination of choice for investors due to consistency of policies and a wide-ranging structural reform agenda based on de-regulation, liberalization, privatisation and transparency, reported the Associated Press of Pakistan recently.

The Prime Minister was talking to Moriji Kanada, President Metal One Corporation of Japan, a subsidiary of Mitsubishi and Sojitz groups, who called on him at the Governor House earlier this month. Metal One Corporation of Japan is the world’s largest steel trading company with an annual turnover of $24 billion, which has invested in a modern steel plant to be built at Karachi.

The PM said record foreign investment of $8.4 billion in Pakistan last year clearly indicated the trust of investors in the policies initiated by the present government. He said Pakistan now stands on a solid footing and has strong fundamentals as well as substantive structural reforms to attract more investments.

Aziz said all economic indicators are showing positive trend in Pakistan and during last five years, the per capita income and size of economy had doubled. The country’s currency is strong, reserves have crossed $16 billion, exports and remittances have increased while inflation and poverty are reducing, he added.

He said Pakistan has a unique demographic advantage over other countries of having 100 million of its population below the age of 25. “Because of economic turnaround achieved by Pakistan during the last five years, the middle class is growing and the country offers attractive investment opportunities in several sectors including telecom, IT, oil and gas, financial services, engineering, agribusiness and real estate,” he added.

The PM also mentioned Pakistan’s location at the confluence of three of the most important regions of the world i.e. Central Asia, South Asia and Middle East which gives the country a competitive edge in the region.

He said because of high economic growth during the last few years and expansion in various fields particularly the construction sector, the demand for steel products had sharply increased. He said the government was improving logistics chain to improve productivity and competitiveness of the industrial sector. Under the National Trade Corridor plan, he said, improvements are being made in the system of railways, roads and highways. He said the government had recently launched Vision 2030 programme aimed at socio-economic transformation of the country and envisaging a developed, industrialized, prosperous Pakistan through rapid and sustainable development.

About Pakistan’s relations with Japan, Shaukat said Pakistan and Japan always enjoyed close relations and the two countries should work for further strengthening of the existing relations to open up new vistas of cooperation in all fields. He said Japan is an important trade and development partner of Pakistan as it always supported in challenging times and provided the largest number of development loans. He said Pakistan appreciated the investment of the Mitsubishi Group in Pakistan and hoped that the group would avail more business opportunities in the country.

He was apprised that Cold Roll Steel Mill whose ground-breaking ceremony would take place later today will produce a type of steel not currently under production in Pakistan. Besides its import substitution benefits the project will generate employment opportunities.

Moriji Kanada told the PM that this would be the fifth venture the group was undertaking in Pakistan. He also briefed him about the details of the project and appreciated the economic policies of the government. Other members of the delegation included Masaharu Domichi, Country Head, Mitsubishi Corporation and Yoshikazu Uda, Chairman Aisha Steel Mills Ltd.

Special Assistant to the Prime Minister, Commander (Retd) Khalil ur Rahman, Minister of State for Information and Broadcasting, Tariq Azeem Khan and senior officials also attended the meeting.

The Minister of FCT, Dr. Aliyu Modibbo Umar has said that for sustainable development to take place in rural and urban communities there must be complete access to tourism that will accelerate growth and development in their socio-economic life, and provide new and more enduring solutions to the challenges in the environment, as reported by the Nigerian Daily Trust.

The minister affirmed this at the flag-off programme on ‘Capacity Building for Community Based Tourism Enterprises and Sustainable Rural Tourism Development in Nigeria’ held in Abuja recently.

The minister, who was represented by Mrs Aderemi, said that the theme, quite apt and very relevant at these challenging times when increased in host communities in involvement, changing consumer preferences, safety and health problems, globalisation resulting in cultural accomodification, technological advancement, environmental and population press-ures are changing the face of tourism.

He said, by extension these are creating serious challenges to rural tourism and the stakeholders within and outside the communities, as most of the attractive and enduring tourist destinations are located in the rural areas where over 70 percent of the country’s population live.

The minister said that his ministry acknowledge and encourage the public-private partnership initiative that is being celebrated, adding that it will go a long way to assisting government particularly at the state and local government levels.

He said that the case of Abuja and the Federal Capital Territory deserves to be mentioned and special attention in their need to be turned into a preferred tourist desti-nation considering their cultural and natural endow-ments which are expressed in attractive and outstanding ecological, scenic, historic and cultural sites, some of which incidentally are under threats due to misuse by developers through uncontrolled development.“My ministry is poised to build on the beautification drive of the immediate past administration of the Federal Capital Territory especially Abuja, the Federal Capital by not only turning them into Green Tourism Destinations, but also endeavour to access the effectiveness of SMME’s support institutions in the tourism industry in order to mitigate the constraints faced by SMMEs in tourism in the Local Governments”.

He urged donor agencies, financial and development institutions, multi-national companies, corporate institutions, NGOs and all tiers of governments to provide appropriate assistance to Travel Marketing Partners Nig. Limited, a strategic partner to NEPAD - Nigeria and the initiator of this programme in the delivery processes of the workshop series in the programme.

However, the chairman, Travel Marketing Partners, Amb. Segun Olusola said the programme is tailored in line with NEPAD tourism action plan particularly in the area of poverty alleviation, health, wealth creation, gender equality and women participation which has also received special attention in the Millennium Development Goals (MDGs).

One prime examples of a teamwork cooperation between OIC and D-8 recently is in cotton trade and textile industry.

Quoting D-8 news website on cotton potential businees opportunities, the organ of OIC, the Cotton Investment Forum announced on its website the expected wider participation from D-8 Chambers of Commerce in filling the high need of Turkish textile factories for more cotton imports. Secretary General Dipo Alam asked and assigned D-8 Communication Staff to send information to all Chambers of Commerce in D-8 countries to take up this business opportunities to boost more intensive intra-trade within D-8 countries.

D-8 Director, Ambassador Kia Tabatabaee views this as an encouraging start for a mutually beneficial teamwork of D-8 and OIC, and stressed that both organisation has alot to gain by promoting, strengthening, and sharing information, as well as synergistically advancing their common programs.

After a working visit to Jeddah to meet OIC Secretary General, D-8 Secretary General called for Secretariat team and D-8 Commissoners, to review a number of OIC programs that can be matched in harmony with D-8 programs. “We need to efficiently plan our teamwork in the most productive way. By this, we mean that unnecessary ‘reinventing the wheel’ programs between D-8 and OIC, as well as developing countries, should be avoided” said Dipo Alam. “This is due to our limited and adequate resources to implement a lot of programs. Instead, we should focusing, enhancing and strengthening our programs based on our organizations’ comparative advantages to effectively implemented and getting optimal outcomes,” added the Secretary General in his office on Tuesday.

In the next upcoming D-8 Working Group on Industrial Cooperation in Indonesia, D-8 Secretary General expects that the outcome of OIC Cotton Forum in November 10-12, 2007, in Istanbul, should be considered, observed, and transformed by delegates into a “down-to-earth” industrial cooperation program, since D-8 countries possess incredible strength in textile industry.

Bangladesh will submit a comprehensive plan to the IAEA by October 15 this year to install a 600-1000MW nuclear power plant at a cost of $ 1.2 billion, reported Energy Portal Information of Bangladesh, EnergyBangla.

A high-profile IAEA team, headed by its Deputy Director General, will arrive here between November and December to evaluate the safety and security issues concerning the proposed plant,” Energy Advisor Tapan Chowdhury told reporters here Sunday.

He said the International Atomic Energy Agency (IAEA) has assured of its full support to set up a nuclear power plant in the country.

Tapan, who attended the 51st General Conference of IAEA from September 17-21 in Vienna, said he had a successful meeting with IAEA Director General Mohamed El Baradei who assured him of providing full technical support to Bangladesh plan for setting up the nuclear power plant.

He said the IAEA chief wanted to know how serious Bangladesh is about setting up a nuclear power plant. “We told him that we’re serious because we’re looking for alternative sources of energy next to our gas and coal resources.”

Replying to a question, the Energy Advisor said delegations from neighboring India, Pakistan, China and Russia also attended the IAEA General Conference and all these countries had offered technical cooperation to the Bangladesh’s plan.

“During our bilateral discussions, responses from all these countries were very positive. Actually, we’re very much excited to have such a positive response from the neighbors. their attitudes were very positive,” the Advisor said.

Bangladesh Atomic Energy Commission Chairman Shafiqul Islam Bhuiyan said they could set up the proposed 600MW nuclear power plant by 2015 if its plan is approved by the IAEA and it would require US$ 1.2 billion of investment.

Bangladesh has a pre-independence plan to set up a nuclear power plant in Ruppur in northern Bangladesh and also conducted a feasibility study for three possible sites for such a power plant.

But, no nuclear plant has so far been installed.

However, the government now has become serious about the project and a high-profile delegation visited South Korea last month to discuss development of a nuclear power plant.

World Health Organization(WHO) informed that contagious diseases appears and broadens faster than ever around the world while treatments of these diseases gets difficult gradually.

Another interesting caution spotted by WHO in its annual report is that the airway traveller figure for 2006 which is 2,1 billion, and these figures have the chance to cause contagious diseases move faster around the world.

The report showed large number of new diseases has been arised, 39 new pathogens came on the scene which was not known a generation before such as HIV-AIDS, Ebola and Sars and it would be a total ignorance to beleive no other new diseases will appear.

Study also proved over 1100 new diseases were placed on records by WHO authorities in last 5 years.

WHO Director General Margaret Chan stated that mass transportation made contagious diseases travel easier and information sharing about diseases between countries were important for to reveal and lower the risks.The report also made a call for efforts to be vitalized on inspections, prevention and taking under control of diseases such as cholera,yellow fever.It is also informed by the report that paramedics who service in poor countries may need an internationally support to take under control and diagnose viral epidemics.

D-8 Secretary General, Dr. Dipo Alam said that this concern should be taken as an early alert signal for D-8 Civil Aviation community, and should be raised and anticipated by D-8 DGCA in their discussion in the 3rd meeting in Istanbul on December 2007.

Egypt’s economy grew 7.1 percent in the year to end June, its fastest annual rate in five years, Economic Development Minister Osman Mohamed Osman was quoted as saying by Reuters, earlier this month.

The government had said in June it expected the economy to grow 7 percent, up from 6.9 percent in the previous financial year.

Government officials have attributed Egypt’s recent gains to a surge in exports and foreign direct investment. Growth in the last quarter of the year was 7.2 percent, Osman was quoted as saying by state news agency MENA.

Fitch Rating upped its outlook in June on Egypt’s credit rating to positive from stable, citing ongoing economic reforms, faster economic growth and increased investments.

The government said last week the current account surplus had surged 54 percent, as exports and revenues from tourism and the Suez Canal climbed.

Net direct investment in Egypt nearly doubled in the 2006/2007 fiscal year to $11.1 billion, the central bank had said. Egypt is also selling hundreds of state-owned companies, including some of its largest banks, in a privatisation drive.

Pakistan is a very good market for the Turkish construction industry and allied sectors. However, there is a need to properly explore and tap it. These views were expressed by Turkish entrepreneur, Oguz Gurdamar at the residence of Turkish Consul General, Erdem Mutaf, as reported by the Pakistan financial daily of Business Recorder earlier this month.

Oguz Gurdamar is leading the delegation of 33 Turkish entrepreneurs representing 18 companies participating in the 3rd Build Asia 2007 Exhibition at Expo Centre in Karachi.

Gurdamar said some of the participating companies were engaged in talks with Pakistani firms to set up joint ventures for manufacturing wooden and fibreglass doors and windows in Pakistan and export the products to other countries in the region.

He said Turkish corporations were also keen to have joint ventures in manufacturing paints, kitchen products and other equipment used in the building sector. Gurdamar said Turkish construction material is of very high quality and Pakistani companies that had used Turkish products had expressed satisfaction with the products. He said the exhibition would provide opportunities to businessmen to develop more trade opportunities.

D-8 SG, Dr Dipo Alam with the SG of Organization of the Islamic Conference (OIC), Prof. Ekmeleddin Ihsanoglu

A series of fruitful discussion was accomplished during Secretary General’s working visit to Jeddah, the Kingdom of Saudi Arabia. After warmly supportive discussions with Islamic Development Bank, Secretary General Dr. Dipo Alam continued his meeting on September 12, 2007 with the Secretary General of Organization of the Islamic Conference (OIC), Prof. Ekmeleddin Ihsanoglu, at the Head Quarter Office of OIC in Jeddah, Saudi Arabia. Some important issues that discussed by the two secretary generals who represented muslims countries were synergistic cooperation, especially focused in economic programs between D-8 and OIC. This was continued on September 16, 2997, on discussion between Secretary General and Director General, Economic Affairs Deperatment, Cheikh Oumar T. Sow discussed for completing Rules of Origin (RoO) of OIC and D-8 for the completion on the ratification of Preferntial Trade Agreement (PTA).

Other issue of cooperation that was discussed was the cooperation on synergistic of economic programs between D-8 and OIC, particularly to avoid unnecessary duplication, “re-inventing the wheel” of programs, since D-8 member states are also OIC members. The discussion was very useful and resulted in many points of understanding where the both organisation plan to scheme programs that are complementary for the benefits of their member states.

D-8 Meeting with the Organization of the Islamic Conference (OIC)

D-8 Organisation deemed that both visit to IDB and OIC were fruitful as an early steps to promote deeper cooperation between member states, as mandated by D-8 head of states, that underline the need for D-8 to widen and deepen the scale and level of cooperation between organisations. This emphasize was particularly a crucial importance of the various visit and discussion by D-8 Organisation through the Secretary General and wide range of international financial institutions in Geneva such as UNCTAD and ITC.

On September 12, 2007, after participating as the chairman at the meeting of D-8 Working Group on Civil Aviation in Isfahan, Iran, Secretary General Dr Dipo Alam left to Jeddah Saudi Arabia for a working visit to meet the President of Islamic Development Bank (IDB), Dr. Ahmad Mohamed Ali Al-Madani.

Secretary General Dr Dipo Alam with President of Islamic Development Bank (IDB), Dr. Ahmad Mohamed Ali Al-Madani

During the meeting, Dr Alam explained the progress of D-8 Organisation in economic cooperation and extended their expectation to cooperate with and to be supported by IDB, since the member states of D-8 are also members of OIC and representing almost 900 million people of muslims countries from Southeast of Asia (Indonesia and Malaysia) to South and Center Asia (Bangladesh, Pakistan and Iran), Europe (Turkey) and Africa (Egypt and Nigeria). Impressed by the sharp progress and programs of D-8 cooperation and intention to support D-8 programs and activities, the IDB President suggested that Secretary General discuss the details with his advisers and directors.

The further discussion took place on September 16, 2007 at the headquarter office of IDB, that resulted in a number of important outcomes. They include points such as that IDB will support the capacity building programs of the Secretariat and working groups, win-win cooperation on how to finance properly infrastructure projects, banking, Islamic finance, migrant workers and remittance links to the development of microfinance industries, and support efforts to homogenize D-8 member states’ progress in the same level of economic grouping.