Niger to Use Oil Advance to Pay Off $600 Million Regional Market Debt
- Niger, CNPC sign $400 million advance on future oil sales
- Sanctions imposed on Niger after coup weighs on state finances
West African CFA francs.
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China’s $400 million deal with Niger to pay for oil in advance will help the West African nation’s junta pay debt it’s accumulated since a military coup last year.
China National Petroleum Corp. agreed to make an advance payment for crude purchases from Niger’s Agadem field earlier this month, Radio Television du Niger reported on April 13. Niger will use the proceeds to settle debt payments, Ibrahim Hamidou, head of communications for Prime Minister Ali Lamine Zeine, said by phone from the capital, Niamey, on Monday.