July 6, 2010 (Chinavestor) OPEC member Nigeria and China have agreed to build an $8 billion refinery that will be Nigeria's largest oil-processing facility. Nigeria vies with Angola for the top spot among Africa's oil producers.
China State Construction Engineering Corp. will take up 80 percent of the project funding, while government-owned Nigerian National Petroleum Corp. will be responsible for the rest, according to Bloomberg News.
Nigeria currently has four operational refineries with a combined capacity of 445,000 barrels a day. Following years of neglect and a lack of spending on infrastructure, Nigeria is looking to foreign investors to strengthen its oil industry. Nigeria primarily produces light sweet crude oil, which is prized for its low refining costs. The country is one of the top exporters of crude to the U.S.
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