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.

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.

http://www.bbc.com/news/10116945

Source please...

If confirmed then kudos to the President and his team, including the much maligned NNPC; it means that some serious work had been done by all concerned to get to this point.
All hands must be on deck to push it to realization.

Sai Buhari.

$23billion?......wetin hapen to the $90billion diezani return?

Nigeria and China sign $23bn deal for three refineries - http://www.bbc.co.uk/news/10116945

Where is the source of this news?

It's a welcome development

It's a news published on the 14th of MAY 2010.

one of those news paper headline wash/lies
bet we are sick and tied of headlines. we want to see things happening live.

http://www.bbc.co.uk/news/10116945
14/may/2010