China has agreed to spend up to $23bn (€19bn, £16bn) to build oil refineries and other petroleum infrastructure in Nigeria, potentially strengthening its hand in the country as it seeks to secure 6bn barrels of crude reserves.
Emmanuel Egbogah, special adviser to the president of Nigeria on petroleum matters, told the Financial Times that China State Construction Engineering Corporation signed the memorandum of understanding on Thursday.
The refineries would have a combined capacity of 750,000 barrels a day, well in excess of what Mr Egbogah forecast would be domestic demand of some 450,000 b/d by the time they are finished in a scheduled five years.
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