The Nigerian state oil company, Nigerian National Petroleum Corporation (NNPC) said on Thursday that the country has signed oil and gas infrastructure agreements worth $80 billion with Chinese companies, Reuters reports.
Minister of State for Petroleum, Dr. Emmanuel Ibe Kachikwu, who also heads the NNPC, has been in China since Sunday for a roadshow aimed at raising investment for the West African nation’s various oil and gas infrastructure which are in dire need of upgrading.
An NNPC statement said; “Memorandum of understandings (MoUs) worth over $80 billion to be spent on investments in oil and gas infrastructure, pipelines, refineries, power, facility refurbishments and upstream have been signed with Chinese companies”.
It added that the China roadshow was “the first of many investor roadshows intended for the raising of funds” to support the country’s oil and gas infrastructure development plans. (Source: Energy Mix Report)