China’s Hu Signs Oil Deal With Nigeria

Chinese President Hu Jintao said Thursday his government will seek closer ties with Africa – a resource-rich frontier for the world’s fastest growing economy – after signing a series of major business deals with oil-rich Nigeria.

Hu, on the second and final day visiting Africa’s largest oil producer before heading to Kenya, said China is seeking “a strategic partnership” with the continent that would improve living standards for Africa.

Hu and Nigerian President Olusegun Obasanjo signed an agreement Wednesday that requires Nigeria’s petroleum ministry to give China’s state oil firm preferential access to four blocks of oil exploration rights in return for China taking over a money-losing refinery in the northern city of Kaduna.

China also agreed to build a hydroelectric power station in the northeastern Mambilla plateau and a fast-rail system linking the capital, Abuja, with the economic capital, Lagos.

Forbes