China To Invest $80bn On Nigeria’s Oil And Gas By Month End

The Minister of State for Petroleum Resources Ibe Kachikwu said yesterday that a Chinese delegation will visit Nigeria by the end of this month to discuss investment in the country’s oil and gas industry,

The Nigerian National Petroleum Corporation (NNPC) had in June said it signed memorandums of understanding (MOUs) worth $80 billion with Chinese firms to invest in Nigeria’s oil and gas infrastructure, pipelines, refineries, power, facility refurbishments and upstream.

Agreements were signed with Chinese companies including Norinco, CINDA, CNOOC and Sinopec/Addax.
As part of the deal, the International Cooperation Commission (ICC) of the National Development and Reform Commission (NDRC) was to develop a master plan and bankable projects that will attract Chinese investors to Nigeria’s oil, gas industry. “We are having a team of over 40 Chinese … visiting Nigeria by the end of this month,” Kachikwu told reporters in Abuja when asked about the agreements signed in June. “I will say we have a one year period to work on this. We expect that some (investment) will come earlier,” he said.

He said the federal government will set up a committee to meet the Chinese businessmen.

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