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.
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