The Nigerian National Petroleum Company Limited (NNPC Ltd) on Friday hosted a delegation from China North Industries Group Corporation Limited (NORINCO Group) for discussions on cooperation in energy infrastructure crude oil production gas commercialisation and trading technology and investment.
The delegation led by Mr Zuxi Huang Vice President of China Zhenhua Oil Co. Ltd. a subsidiary of NORINCO Group was received by the Group Chief Financial Officer of NNPC Ltd. Mr Dapo Segun and the Executive Vice President Gas Power and New Energy Mr Olalekan Ogunleye alongside other members of the company’s leadership who joined virtually.
NNPC disclosed the engagement on its X handle at the weekend.
According to the state-owned oil company both parties exchanged views on their respective business interests and explored how a prospective partnership could add value to NNPC Ltd.’s operations drive growth in crude oil and gas production and strengthen Nigeria’s energy security.
The engagement comes amid growing international investor interest in Africa’s energy sector as countries across the continent seek to expand gas utilisation address electricity gaps and meet rising energy demand.
With Africa’s largest proven natural gas reserves Nigeria remains a major destination for energy investment. NNPC Ltd. has continued to engage international partners with technical expertise and capital to expand the country’s energy infrastructure.
The company has previously worked with Chinese firms in the sector including on the Abuja Independent Power Plant project which involved China Machinery Engineering Corporation (CMEC) and GE Vernova.
Meanwhile the Organisation of the Petroleum Exporting Countries (OPEC) has said taxes accounted for 48 per cent of the average final retail price of petroleum products across the 38 member countries of the Organisation for Economic Co-operation and Development (OECD) in 2025.
OPEC disclosed this on its X handle at the weekend saying crude oil accounted for 33 per cent of the pump price while industry margins accounted for 19 per cent.
‘In 2025 taxes accounted for 48% of the average final retail price of petroleum products across OECD countries compared with 33% for crude oil and 19% for industry margins’ OPEC said.
Twenty-six OECD countries are in Europe including Austria Belgium Denmark Finland France Sweden and Spain.
Four OECD countries are in the Asia-Pacific region: Australia Japan Korea and New Zealand.
Unlike in many OECD countries where taxes often make up 40-60 per cent of the pump price Nigeria’s petroleum products’ prices are largely determined by product costs including ex-refinery or import landing costs as well as margins and distribution costs with relatively little tax.
Nigeria currently has several tax and duty waivers on petroleum products while the government has said a planned fuel levy is on hold.