Nigeria
plans to invest Rp 24 trillion (US$2.68 billion) 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 by kompas.com as saying that both countries had agreed to
build the refineries in Indonesia.
Nigeria,
which produces 2.6 million barrels of oil per day (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 Tuesday.
"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 PT Pertamina will buy the crude oil from Nigeria and process it
here," he said.
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