China is to build an $8bn oil refinery in Nigeria.

China is to build an $8bn oil refinery in Nigeria.

It will be the first of three refineries under a deal signed in May between Nigeria's state oil company, NNPC, and the China State Construction Engineering Corporation (CSCEC).

The refinery will be built in the Lekki free trade zone of Lagos, Nigeria's biggest city.

The Chinese will cover 80% of the cost, and NNPC 20%, while the state of Lagos will provide land and infrastructure.

Under the $23bn framework agreement signed in May, NNPC and CSEC will also build two other refineries, in Bayelsa and Kogi, as well as a fuel complex.

Nigeria already has four refineries, but they are widely seen to be poorly maintained and only running at 40% of capacity.

As a result, the African country must currently import refined fuel, even though it is a major crude oil producer and exporter.

Posted: at 6-07-2010 11:12 PM (13 years ago) | Upcoming

ok

Posted: at 7-07-2010 11:24 AM (13 years ago) | Hero

Hmm...Another way of stealing and loathing of money.......Our leaders are thieves,unseen robbers........Where are they taking our money to. hmm,they want to tell us what we have never hard before.....we know all your plans but God will judge all of accordingly.

Posted: at 1-02-2012 01:44 PM (12 years ago) | Newbie

Till then

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Posted: at 15-08-2012 09:26 PM (11 years ago) | Addicted Hero