Niger Signed $400 Million Crude Oil Deal with CNPC

SEATTLE (Oil Monster): The Niger state television RTN reported that the African country has signed a Memorandum of Understanding (MoU) with Chinese state-controlled China National Petroleum Corporation (CNPC) towards sale of crude oil from Agadem oilfield in Niger. The deal is worth $400 million. However, more specific details on the agreement are not available immediately.

Speaking at the signing-in ceremony, Prime Minister and Minister of Economy and Finance Ali Mahaman Lamine Zeine noted that China has always been a great friend to Niger. The signing of the MoU demonstrates the friendship and fruitful cooperation between the two countries, noted Jiang Feng, Chinese ambassador to Niger.

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The Niger government has been harbouring anti-West sentiments over the past several years. Meantime, there are concerns that the Chinese move is aimed at establishing a second military base in the African region. Amidst unstable governance and leadership, Niger is projected to be one among the fastest growing economies in the African continent in 2024, according to the African Development Bank (AfDB).

Earlier in November 2023, Niger had announced launch of Niger-Benin pipeline project, backed by PetroChina- CNPC’s subsidiary, which will help Niger transport crude to international markets via the port of Cotonou in Benin.