LONDON (Alliance News) - Troubled oil and gas company Afren PLC is looking to China to bring in "substantial" new capital, in the form of new equity, the Financial Times reported on Thursday.
The Africa-focused company has been going through tough times, faced with the dip in commodity prices as well as its own management issues.
Ethelbert Cooper, the Liberian entrepreneur who founded Afren, plans to recapitalize the company in partnership with a consortium of Chinese investors. This will become the first Africa-China partnership in the oil and gas sector listed in the UK.
Nigerian oil and gas companies Oando and Lekoil are also said to be developing their own proposals to inject capital into Afren.
Copyright RTT News/dpa-AFX
