Friday, 23 July 2010

Unipec ventures in to Nigeria crude oil sales

Sinopec's trading arm Unipec has began selling large consignments of Nigeria crude oil previously marketed by Addax. Sinopec Group, parent of Sinopec Corp, bought Addax in June 2009 for $7.24 billion in order to increase its presence in West Africa.

Industry tracking technology shows shipments of Antan and Okwori crude oil being sold and exported from Nigeria last September. "This is the first time we've seen Unipec controlling these cargoes. It makes them more of a seller than before," said a Nigerian oil trader.

Earlier this month, Sinopec Group said it had struck high flows of oil at an offshore Nigerian block previously owned by Addax. The UDELE-3 well of Block 137, in the Niger Delta, was the first exploration well Sinopec drilled in Nigeria this year after its acquisition almost a year ago.

Source: Reuters

To find out more about Sinopec, please visit Sinopec's web site which you can find here.

For more news and expert analysis about Nigeria, please see Nigeria Focus and Nigeria Politics & Security.

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