Exclusive: China’s Sinopec looking to sell Nigeria business – sources

7 Dec 2017   China, Gabon, Nigeria

China’s Sinopec Group has hired BNP Paribas ( BNPP.PA ) to sell its oil business in Nigeria and Gabon, three people with knowledge of the matter said, as the state-owned oil giant pares back its presence in Africa. Sinopec and other oil groups including China National Petroleum Corporation and CNOOC ( 0883.HK ) made large acquisitions between 2009 and 2013 with the help of low-cost loans from Chinese state-owned banks. Sponsored The hunt for overseas assets was intended to bulk up their energy reserves and meet future demand from China, the world’s second-largest economy. But oil prices fell to about $27 a barrel in 2016 from more than $100 in 2014, making some of these investments unprofitable. Benchmark Brent Crude oil LCOc1 is […]

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