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China Plans To Invest Another $3 Billion in Nigeria’s Oil Sector

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EIRNS—China National Offshore Oil Corp (CNOOC) is willing to invest another $3 billion in its existing oil and gas operation in Nigeria, the Nigerian National Petroleum Corporation (NNPC) said today, following its meeting with the Chinese in Abuja, Reuters reported. During a visit to Nigeria’s state-owned NNPC, CNOOC Chief Executive Yuan Guangyu said the Beijing-based oil company had invested more than $14 billion in its Nigerian operations and expressed readiness to invest more. Other foreign oil companies, including ExxonMobil, also operate in Nigeria through joint ventures with NNPC.

In addition to Nigeria, China has also invested heavily in the oil sector of Venezuela. According to an April 3 article for CSIS Commentary, "When Investment Hurts: Chinese Influence in Venezuela," even as other countries have backed off from doing business with Venezuela, China doubled down on its support. "Over the past decade, Venezuela received over $62 billion from China, which is 53% of all money lent by China to Latin America. China currently owns $23 billion worth of Venezuela’s foreign debt, making it the country’s biggest creditor," said the CSIS Commentary, which is otherwise a typically vicious attack on China’s investment policy. [RMA]