Recent Political and Economic Developments in Gabon
Gabon has been facing a dispute with Equatorial Guinea regarding the issue of sovereignty over Mbane Island and some other islands. The UN has urged the two countries to resolve this issue and also to develop maritime boundary relations relating the to the extraction of hydrocarbon from the Corisco Bay.
In the year 2004, Gabon exported oil to China under a deal signed by the French oil firm. In the same year, it signed a contract with China over the utilization of around billion tonnes iron ore.
In 2006, Gabon approved of holding a discussion with its neighboring country Equatorial Guinea over the dispute of utilizing the probable oil rich waters in the Gulf of Guinea.
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