China To Build Nigerian Oil Plant
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(No Ratings Yet) Loading ...By Ganiyat Adeyemo
Published: July 8, 2010
China To Build Nigerian Oil Plant
By Ganiyat Adeyemo
China has agreed to build an eight billion US dollar oil refinery in the Nigerian commercial hub of Lagos, a government official said on Tuesday. China State Construction Engineering Corporation will provide 80 per cent of the funds to build the plant in the Lekki free trade zone. The Nigerian National Petroleum Corporation will contribute with the rest. The Lagos plant is one of three oil refineries promised under a 23 billion US dollar framework agreement signed in May between the two countries. Nigeria is a major exporter of crude oil, but the low productivity of state refineries force it to import around 60 per cent of its local fuel needs. The new refineries are expected to increase Nigeria’s daily capacity by around 750,000 barrels.
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