Market and product

Nigeria won't import petroleum products from 2020. The China State Construction Engineering Corporation (CSCEC) signed an agreement with the Nigerian National Petroleum Corporation (NNPC) to build three refineries and one petrochemical complex.

The projects, estimated to gulp about $28.5 billion, will be financed by China Export and Credit Insurance Corporation (SINOSURE) and a consortium of Chinese banks.

The proposed refineries will refine an estimated 750,000 barrels of crude oil per day, while the petrochemical complex will source its raw materials from natural gas from the Nigerian Gas Masterplan, to produce polymers, solvents and gas-based fertilisers required to boost agricultural production.

Nigeria will save an estimated total of $11 billion yearly in imports of fertilisers and chemicals.

The refinery projects will be in Lagos, Bayelsa and Kogi states. The NNPC has still to determine the location for the petrochemical complex.

(Source: http://www.leadershipnigeria.com/)