Nigeria on Monday signed a Memorandum of Understanding with an American energy firm to build six oil refineries, in a project worth 4.5 billion dollars, a government statement said.
Nigeria
on
Monday signed a Memorandum of Understanding with an American energy firm to
build six oil refineries, in a project worth 4.5 billion dollars, a government
statement said.
Nigeria
is
Africa
's
largest oil producer but its refining infrastructure has largely crumbled,
turning the country into a net importer, which often pays high prices for its
own crude that has been processed abroad.
The deal between U.S.-based Vulcan Energy, the Nigerian government and a local
firm, aims to build six refineries with a combined capacity of 180,000 barrels
per day,
Nigeria
's
Trade and Investment Ministry said in a statement, which also listed the 697.5
billion naira ($4.5 billion) price tag.
Two of the refineries are to be completed within a year, according to the terms
of the MoU.
"This is the beginning of changing our old paradigm from exporting just
raw materials and exporting jobs to the Western countries," Trade and
Investment Minister Olusegun Aganga said in the statement.
Nigeria
produces around 2 million barrels a day of crude, making it the world's eighth
largest producer, but its petroleum industry has for years been riddled with
corruption and poor management.
Last week, President Goodluck Jonathan fired the chief executive of the state
oil firm NNPC, a move his office said was designed to boost transparency and
accountability.
Vulcan's vice president, Jim Mansfield, said the MoU highlighted
Nigeria
's
attractiveness as an investment destination.
"The funding for the project will be a non-Nigeria source and is from
investors who firmly believe that
Nigeria
is a
good place to do business," he was quoted in the statement as saying.
Houston-based Vulcan currently operates in several
U.S.
states as well as
Canada
.
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