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.
"We are about to deepen the existing
technical and commercial relationships between China and Nigeria through the
signing of a memorandum of understanding," said Shehu Ladan, head of NNPC.
The three refineries will be built in Bayelsa,
Kogi and Lagos States, while a location has to be confirmed for the
petrochemicals complex.
The Nigerian government has said that foreign
companies must invest in developing Nigeria's infrastructure and economy first,
before they can benefit from its oil and gas exports.
Comments
Post a Comment