CNPC may expand oil refinery in Nigeria

China National Petroleum Corp (CNPC), the nation's biggest integrated energy company, is likely to expand a refinery in Nigeria to cater to the rising fuel demand from both the African country and China after it failed to buy a controlling stake last year in the plant.

H. Odein Ajumogobia, Nigeria's Petroleum Minister said in Beijing that CNPC has showed great interest in cooperating with the Nigeria part to expand the production of the refinery in Kaduna or to build a new one during a four-day official visit to China. Nigeria expects to boost oil exports to China as bilateral trade between the two nations expands, he added.

The African country is inviting Chinese oil firms to form partnership for the sake of reducing oil imports. Meanwhile, Chinese oil firms are seeking overseas investment opportunity to ensure oil supply for the world's fastest growing economy.

The refinery, which was shut down two years ago due to militant attacks, has a capacity of 110,000 barrels a day.

Last year, CNPC's overseas crude oil output jumped 12% to a record 1.2 million barrels a day.