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China Scores Blockbuster $23 Billion Oil Refinery Deal With Nigeria

by WebMaster
May 15, 2010
in Business, Press Release
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May 14, 2010 — China has scored a big win in its continuing financial offensive in Africa.

Its new ally is Nigeria which has signed a blockbuster $23 billion deal to permit China State Construction Engineering Corporation (CSCEC) to build three new refineries.

Chinese banks will fund the deal, which will add 750,000 barrels per day of Nigerian refining capacity. Nigeria hopes the new refineries will stem the flood of imported refining products into Nigeria.

The country imports 85% of its fuel needs, even though it is the world’s 12th largest oil producer.

Read more at Energy Industry Today:
Oil Refineries news – http://energy.einnews.com/news/oil-refineries
Nigeria Energy news – http://energy.einnews.com/nigeria/
China Energy news – http://energy.einnews.com/china/

Located at http://energy.einnews.com, Energy Industry Today is a service of EIN News, a global news monitoring service for researchers and analysts. Using a combination of proprietary search technology and human editing, EIN News delivers the latest energy news from more than 7,000 news sites from around the world. The latest news updates on these topics are also available in email and RSS formats.

About EIN Presswire
The EIN Presswire press release service is a news-syndication solution that distributes news to more than 10 million visitors annually at EIN News and millions more through its press release distribution partners. A news source for journalists, decision-makers and industry professionals worldwide, EIN Presswire targets press releases to a wide array of worldwide business professionals through more than 90 industry channels. EIN Presswire also offers affiliate network opportunities and news distribution to tens of thousands of news subscribers daily. Read the press release live feed at http://www.einpresswire.com and the latest world news at http://www.einnews.com.

WebMaster

WebMaster

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