Nigeria invites investment by Chinese companies

Nov. 16, 2004
The Nigerian government has invited Chinese companies to expand and strengthen their investments in Nigeria, reported OPEC News Agency.

By OGJ editors
HOUSTON, Nov. 16 -- The Nigerian government has invited Chinese companies to expand and strengthen their investments in Nigeria, reported OPEC News Agency.

China National Petroleum Corp. (CNPC) has signed a memorandum of understanding (MOU) with Nigeria to begin oil exploration in the Nigerian side of the Chad basin and has expressed an interest in developing a working relationship with state-run Nigerian National Petroleum Co. (NNPC) in Oil Mining Lease (OML) 65 and OML 111. CNPC also may seek to acquire shares in the Port Harcourt and Kaduna refineries.

Edmund Daukoru, Nigeria's presidential adviser on petroleum and energy, started a task force in Abuja Oct. 22 with representatives from NNPC, CNPC, and other entities to determine how to achieve the objectives of the MOU.

The task force expects by yearend to develop a plan for implementing the MOU, OPECNA reported.