CNPC Eyes Potential of Africa＇s Oil

In June 2008, CNPC signed a production sharing agreement in Agadem with the Nigerien government, promising not only to build the oilfield, but also a pipeline and a refinery. "Typically, oil giants are reluctant to build refineries as the profit is much lower than producing crude, let alone if highly productive reserves have not been found," said Fu Jilin, general manager of CNPC International in Niger.