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155

China Buys Nigeria's Oil

Nigeria and China signed a Long Term Crude Oil Purchase deal of $800 million per year

China Buys Nigeria's Oil

Nigeria and China signed a Long Term Crude Oil Purchase deal of $800 million per year.

Under the agreement, China is to buy Nigeria's crude oil in the an\mount of 30,000 barrels daily for a period of five years.

Trade exchanges between China and Nigeria in 2004 has been put at over $2 billion. China is executing the crude oil purchase deal through its national oil firm, PetroChina International along with its Nigerian partner, Equinox Energy Limited.

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