Business, Economy

SINOPEC wins oil exploration contract in Nigeria

China is getting more business contracts in Nigeria and another addition to the list is the recent oil exploration deal for two years that will be handled by Shengli Petroleum Engineering — a part of the China Petroleum & Chemical Corporation, or Sinopec.

Interestingly, the Chinese oil and gas company, based in Beijing, is listed in Hong Kong and also trades in Shanghai and New York but not on the Nigerian Stock Exchange.

The firm says it will deploy its ‘Shengli-4’ rig to drill the block, located in shallow waters off Nigeria’s Rivers State. When completed the block will boost daily output of crude oil for the country.

Chinese firms like China Civil Engineering Construction Company (CCECC), Huawei and many others have done or are still doing business in Nigeria.

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