Chinas Sinopec Group has announced it is withdrawing its presence in Nigeria and Gabon and has hired BNP Paribas to sell its oil business in these countries.
Sinopec and other oil groups including China National Petroleum Corporation and CNOOC made large acquisitions between 2009 and 2013 with the help of low-cost loans from Chinese state-owned banks, but due to fall in oil prices and the attack on oil and gas facilities in Nigeria, some of these investments became unprofitable.
0 Likes
