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Oil Production Rises as Nigeria Eyes China for USD50 Billion Oil Projects Fund

                                     

Nigeria is seeking to raise between $40 billion and $50 billion from Chinese investors to fund key oil and gas projects, Minister of State for Petroleum Resources, Mr. Ibe Kachikwu, said on Monday.
Kachikwu said in a Bloomberg television interview in Beijing, China that Nigeria's oil production has risen to 1.9m barrels a day (b/d) and should rise to as much as 2.2m b/d by end of July if pipeline repairs are completed
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Militant attacks earlier this year reduced Nigeria's oil production to 1.3m barrels from 2.2m a day but the minister said an ongoing cease-fire with the militant groups has enabled repair works on some pipelines which has brought back some production volumes.
The minister who is in China to lead an NNPC-China Investors' Roadshow 2016 said Nigeria was seeking as much as $50bn in investment for oil projects as it signed a potential deal worth $8.5 billion with China North industries Group Corp.
"Going to places like China, which have a huge capacity to put money in the oil sector, is very helpful," he said.
The roadshow is a follow up to President Muhammadu Buhari's visit o China in April.
Oil Production Rises as Nigeria Eyes China for USD50 Billion Oil Projects Fund Oil Production Rises as Nigeria Eyes China for USD50 Billion Oil Projects Fund Reviewed by Joss Ken on Tuesday, June 28, 2016 Rating: 5

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