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Nigeria: NRSTF Advises Govt to Follow Up on CNPC MoU (08/11/2012)

The National Refineries Special Task Force has asked the government to follow up on a memorandum of understanding signed with China National Petroleum Corporation two years that outlines plans to build a new refinery near Lagos and in two other locations.

The project, which is supposed to be completed in cooperation with China State Construction Engineering Corporation, could now see only one of the refineries built, according to the task force led by former Finance Minister Kalu Idika Kalu (pictured). “The NRSTF strongly recommends that NNPC should intensify and finalise negotiations with CSCEC or any other credible financier for financing of the new refinery projects along the lines of the MoU,” the committee wrote in a letter to President Goodluck Jonathan.

“Of the three joint venture Greenfield Refinery options under consideration by the NNPC, the economics strongly favour Lagos.”

The 350,000bpd per day complex is expected to cost around $28.5bn, 20% of which is expected to be paid by the government’s Chinese partners

Tin tức khác

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