Business
Chinese oil firm to raise investment in Nigeria by $3bn
The management of the China National Offshore Oil Corporation (CNOOC) said it would invest additional $3 billion in its stake in offshore oil and gas operations in Nigeria.
The Chief Executive Officer (CEO) of the Beijing-based corporation, Yuan Guangyu, described its investment in Nigeria is the most strategic and important overseas business undertaking of the firm.
In a statement by the Group General Manager, Group Public Affairs Division, Nigerian National Petroleum Corporation (NNPC), Ndu Ughamadu, on Sunday, Guangyu disclosed this while leading a team of CNOOC top executives to the corporate headquarters of the NNPC in Abuja.
The CEO said CNOOC had invested over $14 billion in its Nigerian operations. He, therefore, called on the management of the NNPC to seek common grounds of beneficial interest with the Chinese firm for enhanced productivity.
Read also: FAAC to probe FIRS over alleged under remittance
In his response, the Group Managing Director, NNPC, Maikanti Baru, who was represented by the Chief Operating Officer, Ventures Autonomous Business Unit, Victor Adeniran, thanked CNOOC for its interest in the Nigerian oil and gas industry.
He stated that the corporation was open to new investments and would foster meaningful and mutually beneficial relations with credible entities like CNOOC.
The CNOOC, which was founded in 1982, is one of the three big Chinese national oil entities. It is originally focused on offshore upstream exploration and production, whereas the China National Petroleum Corporation is slanted towards onshore upstream exploration and production.
SINOPEC, the third leg of the tripod, is focused on refining and marketing.
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