Nigeria Welcomes Chinese Investors For $5.5 Billion Oil Deal

10 Chinese investors are expected to arrive Abuja today to hold discussions on the $5.5 billion investments in the oil and gas sector. The delegation will comprise officials of China North Industries Corporation (NORINCO) and Tiger Jade, the investment arm of NORINCO.

Their visit, it was learnt, is a follow-up to the roadshow embarked upon by the Minister of State for Petroleum, Dr. Ibe Kachikwu, in China last June when he signed Memorandums of Understanding (MoUs) to the tune of $75 billion with numerous Chinese firms interested in investing in infrastructure projects in Nigeria’s oil and gas sector.

In addition to this, another MoU on incremental investments of $5 billion was signed with CNOOC and SINOPEC (formerly Addax) on their existing upstream assets in Nigeria. NORINCO and Tiger Jade officials will be seeking to hold further discussions on the MoUs that the Nigerian government signed with NORINCO on its interest in investing $5.5 billion in upstream oil and gas projects in Nigeria.

Kachikwu, last June signed the MoUs with several Chinese firms for over $80 billion new investments, spanning five years, in the oil and gas industry covering pipelines, refineries, gas and power, facility refurbishments and upstream financing. Read full report here.