China Mulls More Crude Oil Export from Nigeria

Despite the volatility in the global oil market, China is seeking more crude oil exports from Nigeria, the Chinese Embassy’s Economic and Commercial Counsellor, Mr Zao Ling Xiang, said at the weekend

“The total amount of export to China is only about one million barrels in 2015 that was just 1.3 per cent of Nigerian annual oil export.

“In my opinion, it really doesn’t matter whether Iran comes back or not; Chinese companies want to import more crude oil from Nigeria,” Lin Xiang said.

The trade volume between both countries stands at $14.94 billion (2014), making Nigeria China’s third largest trade partner in Africa.

The economic counsellor added that Nigeria’s trade figure was 8.3 per cent of China’s total trade volume with Africa and 42 per cent of the total trade volume between China and Africa.

Besides, both countries have made “remarkable achievements” in infrastructure cooperation.

Lin Xiang said President Muhammadu Buhari’s planned visit to China next month will facilitate the implementation of agreements reached at the 2015 China-African Summit in Johannesburg.

He said China also sought to explore other areas of cooperation with Nigeria, adding: “China is the largest developing country in the world and Nigeria is the largest developing country in Africa and both countries have complementary advantages in natural and human resources, funds and markets.

“Right now, the Nigerian Government is trying to diversify its economy, which is fully in line with the 10 China-Africa cooperation plans announced at the summit on China-Africa trade in Johannesburg in 2015.

 

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