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Chinese Oil Firm Seek Stake in Refinery, Oil Blocs From Onyebuchi Ezigbo in Abuja Chinese National Oil Company yesterday expressed readiness to participate in the operation of Nigeria's refineries as well as new oil blocs in the on-shore or deep off-shore areas The company's expression of interest was put across when a 7-man trade delegation led by Mr. Sun Wensheng, Minister of Land Resources paid a courtesy visit to Special Assistant to the President on Petroleum Matters, Alhaji Jaffaru Parki and the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mr. Funsho Kupolokun in Abuja. Wensheng said the company would be happy to be given opportunity to participate in the development of the oil blocs and in taking up stakes in the nation's refineries being privatized. "We are happy with the reform in the oil and gas sectors and we are interested in entering co-operative ventures with NNPC because of the prevailing transparent and forthright disposition in the company", he said. He said the delegation had earlier met with President Olusegun Obasanjo, where both countries expressed the need for cooperation even on a wider scale, in areas that would bring benefits to both countries. Kupolokun invited the Chinese to take advantage of the existing opportunities in the upstream oil and gas and downstream sectors, and invest in Nigeria's lucrative oil industry. He asked the visitors to consider taking part in bidding for new oil blocs January 15, 2005 "which will put on tender a number of oil blocs ranging from onshore, shallow wells, to offshore and deep offshore." Kupolokun also pointed to the exciting business opportunity that awaits investors in the Nigeria-Sao-Tome Joint Development Zone (FDZ). He said the series of reforms taking place in the oil sector were directed at achieving overall development of the industry, by reaching a 4.1 million barrels per day production capacity, 36 million barrels in recoverable reserve and stamping out gas flaring by 2006. He specifically asked the Chinese oil company to take up a large yard in Nigeria where it could construct locally a floating oil production vessel (FPSO) for deep offshore exploration. Parki in his contribution urged the Chinese to get involved in developing the marginal field. Who Are We ? | About THISDAYOnLine.com | THISDAY People | Contact Us © Copyright 2000 Leaders & Company Limited

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