Nigeria has secured a loan of $500 million from the Export Import Bank of China (CEXIM) for the building of modular refineries.
The loan which was secured through
Nigeria’s Bank of Industry (BoI), is also to be used to implement the
Flare Gas Recovery Programme.
Nigeria’s Bank of Industry (BoI), is also to be used to implement the
Flare Gas Recovery Programme.
The establishment of modular refineries
is part of government’s strategy end importation of petroleum products
and discourage illegal oil bunkering in Niger Delta.
is part of government’s strategy end importation of petroleum products
and discourage illegal oil bunkering in Niger Delta.
The government said the credit
arrangement reinforced its determination to stimulate economic growth,
drive investment, and provide jobs for Nigerians.
arrangement reinforced its determination to stimulate economic growth,
drive investment, and provide jobs for Nigerians.
Speaking at the signing ceremony in
Beijing, Chief Executive of BoI, Mr. Olukayode Pitan, highlighted the
job creation potentials of the partnership.
Beijing, Chief Executive of BoI, Mr. Olukayode Pitan, highlighted the
job creation potentials of the partnership.
“I am delighted to begin the next chapter of a long-term trading relationship with China through CEXIM.
“This agreement is set to create over
100,000 jobs in Nigeria’s oil and gas sector—a decisive move that will
advance the Federal Government’s Modular Refineries and Flare Gas
Recovery Programme.”
100,000 jobs in Nigeria’s oil and gas sector—a decisive move that will
advance the Federal Government’s Modular Refineries and Flare Gas
Recovery Programme.”
“Essentially, the Memora-ndum of
Understanding (MoU) between BOI and CEXIM stipulated that the loan
facility will be utilised to finance the purchase of equipment and
machinery from China by investors and project owners of modular
refineries in the country.’’
Understanding (MoU) between BOI and CEXIM stipulated that the loan
facility will be utilised to finance the purchase of equipment and
machinery from China by investors and project owners of modular
refineries in the country.’’
The loan was to ensure availability of
refined petroleum products within the country, monetise gas flare,
reduce cost of products in the mid-term and provide employment for
Nigerians.
refined petroleum products within the country, monetise gas flare,
reduce cost of products in the mid-term and provide employment for
Nigerians.
The facility can be accessed via letters
of credit issued for the delivery of specified modular refineries and
gas processing equipment to qualified Nigerian companies establishing
petrochemical facilities under the modular refineries
and gas flare recovery programme.
of credit issued for the delivery of specified modular refineries and
gas processing equipment to qualified Nigerian companies establishing
petrochemical facilities under the modular refineries
and gas flare recovery programme.
To date, a total of 38 operating licenses
have been granted by the federal government for the establishment of
modular refineries in the Niger Delta, according to a statement issued
yesterday by the development finance institution.
have been granted by the federal government for the establishment of
modular refineries in the Niger Delta, according to a statement issued
yesterday by the development finance institution.
