China has signed with Nigeria to build three oil refineries. A US$23 million project will be run by the China State Construction Engineering Corporation and Nigeria’s state-run oil firm NNPC. Nigeria, a net importer of oil refined products, has sought the joint funding with China to stem the flood of imported refined products into Nigeria. It is believed Nigeria, the world’s 12th-largest oil producer, will add 750,000 barrels per day of extra refining capacity with the new deal. The country has to import around 85% of its fuel needs because of the mismanagement of its own state-controlled refineries.
stay tune…We will report more on this once we get more information