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Chinese Company May Abandon $8B Nigeria Refinery Project

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    The proposed 300,000 barrel per day Greenfield Lekki Refinery located in Lagos may remain in the realm of wishful thinking of the Lagos State government and the stakeholders if the alleged flaws in the new Petroleum Industry Bill (PIB) are not immediately addressed.
    Some of the investors told LEADERSHIP Sunday in Lagos that they backed out of the project because of some of the contentious clauses in the PIB before the National Assembly. “The International Oil Companies (IOCs) driving the Lekki Refinery are reluctant to risk their money in the project because of some provisions in the PIB. The bill is not in our interest.

    We want the status quo to be maintained as in pre-PIB Joint Venture Agreement with the Nigerian National Petroleum Corporation (NNPC) and the Lagos State government,” said one of them. “Right now, I must tell you that investors are worried that the passing of the PIB in its present form will automatically reverse the earlier agreements.

    by George Okojie   Leadership (Abuja)
    February 25, 2013

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