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.

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