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Vol 3 (AAC) No 7

Published 1st May 2010


Oiling the gears

Beijing’s biggest African offer yet is a risky gambit to gain a major stake in the upstream and downstream sectors of Nigeria’s oil business

Equal measures of optimism and scepticism greeted China’s announcement of an agreement to build three oil refineries worth US$23 billion. The terms of the memorandum of understanding are clear; the source of financing and the economics of the deal are not. With newly inaugurated President Goodluck Jonathan stamping his authority on Abuja and the sacking of the Nigerian National Petroleum Corporation (NNPC) director, the deal could meet the same fate as the oil-for-infrastructure pacts signed under former President Olusegun Obasanjo .

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