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Exclusive: China's Sinopec looking to sell Nigeria business - sources


By Clara Denina , Julie Zhu and Ron BoussoLONDON/HONG KONG (Reuters) - China's Sinopec Group has hired BNP Paribas to sell its oil business in Nigeria and Gabon, three people with knowledge of the matter said, as the state-owned oil giant pares back its presence in Africa. 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.The hunt for overseas assets was intended to bulk up their energy reserves and meet future demand from China, the world's ...

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First Published: Wed, December 06 2017. 20:00 IST