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.


http://www.bbc.com/news/10116945

When its finally completed let me know.... another abandon project in the making