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: www.bbc.com/news/10116945

It is more profitable to import petrol than refine locally - Kachikwu.

But the govt still approve licenses for refineries. A classic case of confusion, incompetence and cluelessness.

Long live my president
Long live Nigeria.
We are getting there gradually.

TheFreeOne:
It is more profitable to import petrol than refine locally - Kachikwu.

But the govt still approve licenses for refineries. A classic case of confusion, incompetence and cluelessness.

. I don't know. But do you get petrol only after refining the crude oil?

This is 2010 news.Not current news.The progressives shouldn't fall for this.

disloman:
This is 2010 news.Not current news.The progressives shouldn't fall for this.

Are you saying that this news is 6yrs old?

blackjack21:


. I don't know. But do you get petrol only after refining the crude oil?

Petrol in layman understanding is PMS which is one of the products derived from crude oil refining.

Except you are being sarcastic.

TheFreeOne:
It is more profitable to import petrol than refine locally - Kachikwu.

But the govt still approve licenses for refineries. A classic case of confusion, incompetence and cluelessness.

Sometimes I wonder why supposed adults reason like infants.

For any mentally sound human with basic comprehension abilities, what is confusing about the fact that, since our refineries are presently rotten, it is more profitable at the moment to import fuel than to run the rotten refineries?.... And to remedy this situation, licenses are being issued to investors to build new efficient refineries.

For the love of God, where has the brains of some Nigerian youths gone to?