China and U.S. Race To Offer 'Infrastructure Aid In Exchange for Oil'
VANCOUVER, Aug. 4 /CNW/ -- "U.S. Secretary of State Hillary Clinton's
trip beginning today through August 11th in Africa is part of an Obama White
House energy resources strategy to offset China's growing economic clout on
the African continent," said Patrick Morris, President and CEO of Gold Star
Resources Corp. (TSX-V; GXX; OTC Bulletin Board: GXXFF), a Canadian-based
company focused on the strategic acquisition of highly prospective oil and gas
projects in West Africa. "China has been aggressively offering infrastructure
aid in exchange for oil in Africa and the White House clearly wants to offset
that Chinese game plan with one of its own. U.S. President Barack Obama's
Ghana visit last month and his Secretary of State's extended visit this week
have proven the importance of Africa to America's energy security policy."
According to Morris, "Last week's Strategic and Economic Dialogue held in
Washington, D.C. between the Obama White House and China officials included
discussions about China's aggressive aid to African nations. China's economic
trade in Africa hit $107 billion in 2008 and there are now 750,000 Chinese
workers living and working in Africa. Sources in both Washington, D.C. and
Africa have confirmed that U.S. Secretary of State Clinton's subtle diplomatic
strategy is to offer African leaders infrastructure assistance in exchange for
oil resources and increased energy investments on the African continent. This
could portend an explosion of offshore and onshore oil and gas exploration
especially in West and East African as a direct result of this shift in
Clinton is expected to visit Liberia during this week's African policy
trip. Gold Star Resources Corp. recently acquired International Resource
Strategies Liberia Energy, Inc. whose sole asset is the onshore 1,366 sq. km.
hydrocarbon reconnaissance license NR-001 within the Roberts Bassa Basins of
south coastal Liberia. The company also signed a Letter of Intent with Bengal
Bight Ghana Ltd., a Ghanaian company, to acquire 100% interest in the
hydrocarbon rights of Bengal's 1,000 sq. km. Tiampoum mining concession in
Cote d'Ivoire, near the border with Ghana.
"U.S. Secretary of State Hillary Clinton's visit to Liberia is timely and
will greatly enhance infrastructure investing in that West African nation,"
said Morris. "Liberia's political climate has become increasingly stable in
recent years and the government is encouraging international investment in oil
and gas exploration. Gold Star's own energy exploration strategy includes
securing a portfolio of 'onshore' sections of land along the West African
coast. Clinton's travel plans to Liberia, of course, greatly interests us."
For further information:
For further information: Patrick Morris, President and CEO of Gold Star
Resources Corp., +1-604-641-4450, firstname.lastname@example.org