Biofuel production pacts signed by NNPC, Chinese consort

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A Memorandum of Understanding (MoU) has been signed in China between the Nigerian National Petroleum Corporation (NNPC) and the China National Offshore Oil Corporation (CNOOC).

The MoU signing hopes to develop Nigeria’s oilfield services and enhance research development in the oil & gas industry.

After the deal had been signed at the CNOOC Headquarters yesterday in Beijing, group managing director, Dr. Majkanti Baru, said that this latest MoU signing marked a milestone in NNPC’s aspiration to transit from an integrated oil & gas company to an energy company. 

Majkanti Baru said on the signing, “Our aim is to complete the Federal Government’s determination to meet the growing energy demands and diversify the economy away from reliance on carbon-based fuels.” The Managing Director also added that the partnership would see a significant upgrade of the NNPC’s R&D Division laboratories in Port Harcourt.

CNOOC’s chairman, Mr. Yang Hua, said that he considers Nigeria to be a very strong partner, announcing that over $14 billion (€12 billion) had been invested by the corporation. This is the largest single investment in any country by the Chinese oil grant.

On behalf of his corporation, CNOOC’s executive vice chairman, Mr. Fang Zhi, said that the development is “a milestone for the two companies.”