The Nigerian National Petroleum Corporation (NNPC) and China State Construction Engineering Corporation (CSCEC) will jointly seek Chinese funds to develop refineries and a petrochemical complex in Nigeria.
The two firms expect to gain $23bn from the China Export & Credit Insurance Corporation (SINOSURE) and a consortium of Chinese banks for the three refineries and a petrochemical facility.
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The refineries are expected to add about 750,000bpd capacity to the country’s refining infrastructure and allow NNPC to trade refined petroleum products internationally.
