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China' s Addax Petroleum targets growth in Nigeria

BY SARAH KENT

ABUJA -- Chinese oil company Addax Petroleum is seeking to grow aggressively in Nigeria, the managing director of the company' s Nigerian branch, Cornelis Zegelaar, said Wednesday.

China is a latecomer to Nigeria' s oil scene, which had historically been dominated by the European and U.S. oil majors.

However, Addax, which is owned by China' s Sinopec, is hoping to make fresh investments in the country, even as some of the older players complain that difficulty finding funding and an uncertain regulatory environment are discouraging them from investing.

Speaking of Sinopec' s overseas investments, Mr. Zegelaar said "Nigeria is the most important one and the biggest producer."

"When I was in Beijing last month, when I was meeting with the top leaders of Sinopec, they told me I had to do everything possible to make sure that we will grow the business [there]," he added.

"I' ve been promised that if the projects are there, then the money will be there so I have less of a funding problem than some of my colleagues," he said.

Late last year, Sinopec bought Total' s 20% stake and operating mandate in its Nigerian offshore bloc, OML 138, for $2.5 billion.

Dow Jones News

02/20/2013

 

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