Nigeria: China's New Target

November 2006 | Industry News

Chinese energy acquisitions are a key market driver at present, with its cash-rich state-owned companies taking a long term approach to investments, enabling them to offer more favourable terms to producer states than western companies. Following recent progress in former Soviet states, Nigerian Oil Minister Edmund Daukoru has announced that China, whose energy imports from Nigeria have fallen in recent months, may become a preferred customer as output rises over the next two years, just as Chinese investment in upstream capacity looks set to strengthen further.

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