French oil firm Total SA sells Nigeria offshore oil stake to China's Sinopec for $2.5B
There are 1 comment on the The Washington Post story from Nov 19, 2012, titled French oil firm Total SA sells Nigeria offshore oil stake to China's Sinopec for $2.5B. In it, The Washington Post reports that:French oil company Total SA said Monday it had sold its stake in an offshore oil field near Nigeria for $2.5 billion to the Chinese state-run firm Sinopec Corp., a sign of the China's growing stakes in the West African nation's oil production.
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#1 Nov 19, 2012
Certainly, China has growing stakes in Africa.
Total SA, on the other hand, will probably be glad to get rid of an adventure in a country where killings of Christians by Muslims are a daily occurence. Nigerians also tap the oil pipelines, and the whole country is one big mess. Instead of using oil revenues to advance Nigeria as a country worth living in, Nigeria's corrupt bureaucracy is booming.
Germany's Bilfinger & Berger, a major construction company, has sold most of its shares in Nigeria, too.
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