Africa’s oil industry is set to increasingly fuel Asia’s booming economies but infrastructure investment is needed to make the sector more globally competitive, an executive of a Nigerian oil company has said.
“There has been a boom in the oil trade between Africa and Asia over the recent years,” said Reg Stanley, newly-appointed managing director of Pipelines and Products Marketing Company, a division of Nigerian National Petroleum Corp.
He said China, followed by India, is driving that oil trade but South Korea, Malaysia and -- further afield -- even Brazil, are following.
“The global call for African oil is steadily on the increase,” he said in comments read by an industry colleague. China now imports 28 % of its oil from Africa, largely from Sudan, Angola, Congo and Nigeria, Stanley said.
