19 May 2010 11:36 [Source: ICIS news]
SHANGHAI (ICIS news)--China’s largest contractor China State Construction Engineering Corp (CSCEC) will build three refineries and one petrochemical complex in Nigeria under a $23.8bn (€19.5bn) deal with Nigerian National Petroleum Corp (NNPC), it said on Wednesday.
The two companies signed a memorandum of understanding (MOU) on 13 May for the financing and construction of the projects, CSCEC said in a disclosure to the Shanghai Stock Exchange.
The projects would add some 750,000 barrels per day capacity in ?xml:namespace>
According to the
“NNPC aims to accelerate the construction of new refineries in
CSCEC would do the engineering, procurement and construction (EPC) work on the plants, said a source at the Chinese engineering firm.
“It is a framework agreement. The specific contract value will be fixed after further negotiations depending on the technology and equipment used in the projects,” the source added.
CSCEC would help seek financing for the Nigerian projects from China Export & Credit Insurance Corp, SINOSURE and a consortium of Chinese banks, NNPC said.
Meanwhile, the proposed petrochemical complex would source natural gas from the Nigerian Gas Master Plan to produce polymers, solvents and particularly, gas-based fertilizers that are required to boost
“The new refineries will reinforce the ongoing oil and gas reforms in
($1 = €0.82)
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