Nigeria to invest in Indonesian refinery deal

Feb 09, 2012 12:00 AM

Nigeria plans to invest Rp 24 tn ($ 2.68 bn) in Indonesia to fund the construction of three oil refineries, an official says.
The Industry Ministry's director general for manufacturing-based industry, Panggah Susanto, was quoted as saying that both countries had agreed to build the refineries in Indonesia.

Nigeria, which produces 2.6 mm bpd, was looking for a partner to refine its crude oil, Panggah said.
"Previously they wanted the refineries to be built in Nigeria," he said. "However, as Indonesia is currently improving its downstream industry, Indonesia wanted the refineries to be built here instead."

The refineries, which are projected to produce 300 bpd each, will be used to process crude oil from Nigeria.
"State firm Pertamina will buy the crude oil from Nigeria and process it here," he said.

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