Nigerian National Petroleum Corporation (NNPC) and China’s State Construction Engineering Corporation (CSCEC) have signed a $23 billion agreement which will see the construction of three refineries and a fuel complex in Nigeria.
The project which will get the required financing from Chinese authorities and banks. It will add extra refining capacity of an estimated 750,000 barrels of oil per day.
The three new refineries will be built in Bayelsa, Kogi and Lagos states, but a location for the petrochemicals complex construction has yet to be confirmed. The construction of the new refineries is expected to stem the influx of imported refined products into Nigeria.
The projects will injected much need foreign capital into Africa, and will see a real increase in the Nigeria’s Gross Domestic Product Index (GDP).
Rasta Livewire News
May 15th 2010