Home / AFRICA / What Happened To The $23bn Deal for Three Refineries Signed By Nigeria and China in 2010

What Happened To The $23bn Deal for Three Refineries Signed By Nigeria and China in 2010

This news was posted by BBC on 14th May 2010 about 6 years ago. the big question is what about the refinery in 3 states promised ? where is the $23 Billion ?

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.

SOURCE:

About Editor2

Check Also

Customs defaults may affect 2016 budget revenue target

Shares Facebook Twitter Google+ I Like It 0 The federal government’s plan to raise N4.2trillion …

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Share This

Share This Now

Is it interesting ? Share this post with your friends!

Share This

Share this post with your friends!

Shares