China now has skin in the game

After his coming-out visit to the US, Chinese President Hu Jintao made the following deal with the Nigerians (Boston Globe):

Nigeria agreed to give China four oil exploration licenses in exchange for a commitment to invest about $4 billion in refining and power generation in Nigeria, in one of seven deals signed on Wednesday.

Hu also agreed to $500 million in export credits on concessionary terms to Nigeria.

Rising world oil prices, which hit a record $75 last week, have stoked fierce competition between Asia and the West over access to new reserves.

China and other Asian countries have snatched some valuable concessions away from Western multinationals by offering soft loans or combining oil deals with non-oil investments.

That's a guaranteed veto on any Security Council resolution on human rights in the Niger Delta.