Home > Economy of China, Nigeria > Nigeria and China sign $23bn deal for three refineries

Nigeria and China sign $23bn deal for three refineries

Nigeria and China sign $23bn deal for three refineries

5/14/2010/12:24 UK/11:24 GMT

Nigeria is the world’s eighth-largest oil exporter Nigeria’s state-run oil firm NNPC and China State Construction Engineering Corporation (CSCEC) have signed a $23bn (£16bn; 18bn euros) deal.

The two will jointly seek financing and credits from Chinese authorities and banks to build three refineries and a fuel complex in Nigeria.

The project would add 750,000 barrels per day of extra refining capacity.

NNPC hopes the construction of new refineries will stem the flood of imported refined products into Nigeria.

‘Deepen relationships’
 
Nigeria is the world’s 12th-largest oil producer and the eighth-largest oil exporter.

But the country imports roughly 85% of its fuel needs because of the disrepair and mismanagement of its four state-owned refineries. – More here

Related article: Nigeria’s Acting President Goodluck Jonathan has sacked the head of the national oil company, Mohammed Barkindo

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