CSCEC to construct $23.8 billion project in Nigeria

15:46, May 19, 2010      

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China State Construction Engineering Corp (CSCEC) announced yesterday it has signed a memorandum of understanding with Nigeria State Petroleum Corp on the financing and construction of three refinery plants and petrochemical works in underdeveloped regions. CSCEC plans to spend 23.8 billion U.S. dollars on the aforementioned plants projects as EPC head-contractor.

CSCEC said the specific project sum will be contracted on the basis of adopted technology and equipment and subsequent negotiations granted by both sides. Nigeria State Petroleum Corp is responsible for the construction funds.

According to CSCEC, this project requires large sum of funds and a long period of construction hence there is potential for both business opportunities and uncertainties.

By People's Daily Online


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