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China, Nigeria Stroke Oil Deal

The African nation will offer first right of refusal to China National Petroleum

China and Nigeria stroke a deal on four oil drilling licences for China, which, in its turn, will invest $4bn in oil and infrastructure projects in Nigeria.

China will buy a controlling stake in Nigeria's Kaduna oil refinery of 110,000 bpd capacity and build a railroad system and power stations.

Nigeria, Africa's top oil exporter, has long been viewed by China as a partner.

The African nation will offer first right of refusal to China National Petroleum for a quartet of exploration blocks during a licensing round due to be held in Nigeria on 19 May.