BoI secures $500m facility from China for modular refineries

The Bank of Industry has signed a memorandum of understanding with the Export-Import Bank of China for the provision of a $500m facility towards the establishment of modular refineries in Nigeria.

The establishment of modular refineries is part of the Federal Government’s plan to end importation of petroleum products and to discourage illegal bunkering activities in the Niger Delta region.

To date, a total of 38 operating licences have already been granted by the Federal Government to establish modular refineries in the Niger Delta. The facility is expected to stimulate economic growth, drive investments and provide jobs for Nigerians.

A statement by the Bank of Industry on Saturday said the facility would be utilised to finance the purchase of equipment and machinery from China by investors and project owners of modular refineries in Nigeria.

Source: The Punch

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