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| Refinnery |
In recent days a lot of new refining projects have been announced, with most of these notably being located in Nigeria.
Niger Delta Refinery & Petrochemicals Ltd entered a $1.7 billion agreement with investors to finance construction of a greenfield refinery in the Niger Delta region, the financing which is a joint venture with Eton Group of Companies of Singapore, also in conjunction with Qua Petroleum Refinery Ltd. Earmarked for re-engineering and construction is $1.4 billion, while $300 million was set aside for provision of feedstock.
Construction will begin before the year runs out, the project is located in Akwa Ibom state and is estimated to create 750 direct jobs as well as between 4000 to 7000 indirect jobs.
However Vietnam's top importer and distributor of oil products, Petrolimex, has obtained government approval for a 4.99 trillion dong ($239 million) investment in a new petrolchemical complex, the company is planning on using its own funds and loans from commercial banks to build the Nam Van Phong facility.
(Edited: Blueblock)
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