Thursday, July 8, 2010

China inks MOU with Nigeria to build US$8 bln oil refinery

Nigeria National Petrolium Company has signed an MOU with China State Construction Engineering Corporation for building an oil refinery in Nigeria. The Lagos refinery is part of a larger deal to build three new refineries and a petrochemical complex in Nigeria. This new refinery is expected to produce 300,000 bpd in the Lekki Free Trade Zone in Lagos state. The project will be 80% financed by China, while the balance will come form Nigerian National Petroleum Corporation.

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