Saturday, 3 October 2015

CHINESE ENVOY SAYS CHINA’S CRUDE OIL IMPORTATION FROM NIGERIA HAS BEEN STEADY

Gu Kiaojie, China's Ambassador to Nigeria
China’s Ambassador to Nigeria, Gu Kiaojie, has stated that his country’s crude oil importation from Nigeria had been steady for the upwards of five years and above.

The Envoy told Tectono Business Review that: “Contrary to insinuations, China’s oil import from Nigeria remains steady. For the past four to five years China has never reduced the volume of crude oil importation from Nigeria, the volume remains stable.”
                
He referred to the current trend in the crude oil market as a global phenomenon and said that the global oil market was weak. He blamed the trend on weak global economy and the market forces of demand and supply, though he admitted that China is not a major crude oil importer in the world.

He said: “China steadily purchases between two to three per cent of total global Nigerian crude oil export.”

Gu Kiaojie opined that Nigerians should intensify their efforts in looking inward and see what they can produce locally rather than relying on importation, adding that apart from crude oil, China imports commodities like iron ore, soya beans from Nigeria on regular basis.