China's crude oil

China’s Ambassador Gu Kiaojie says his country’s crude oil importation from Nigeria has been steady in the last five years.

Gu explained 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 said.

The Chinese envoy, who described the current trend in the crude oil market as a global phenomenon, also said 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.

“China steadly purchases between two to three per cent of total global Nigerian crude oil export”

He advised Nigerians to redouble their efforts in looking inward and see what they can produce locally rather than relying on importation.

Apart from crude oil Gu also said that China imports commodities like iron ore, soya beans from Nigeria on regular basis.

By Pita Ochai


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