X hits on this document

PDF document






32 / 66

Nigeria’s $23 billions refinery deal

in May, china State con- struction engineering cor- poration limited (cScec) and Nigerian National Petroleum corporation (NNPc) signed a $23 billion deal to commission three oil refineries and a petrochemi- cal complex in the oil-rich african country.

The deal, one of the larg- est Sino-african ventures to date, is projected to yield an additional 750,000 bar- rels of oil per day and give Nigeria leverage to use and export its own refined pe- troleum products. although Nigeria is the leading afri- can producer of crude oil, it has been importing refined petroleum goods for more than a decade.

Nigeria's four current- ly operating refineries yield about 445,000 barrels of oil per day.

The NNPc released

a statement after the deal had been signed in abu- ja. "NNPc aims to accel- erate the construction of new refineries in Nigeria to stem the flood of imported refined products into the country, currently estimat- ed at 10 billion dollars," it said, and went on to note that "[cScec wants to] expand its presence on the african continent and es- tablish its footprint firmly in the Nigerian oil and gas landscape."

The commissioning of these new refineries is ex- pected by some to enhance the oil and gas reforms in Nigeria and President Goodluck Jonathan has re- cently deposed some of the oil industry officials as part of his promise to grow and legitimize the oil industry.

his sweeping r eforms granted amnesty to thou-

Uganda invests in gold refinery

Uganda will open it s first gold refinery in the nation's capital, kampala. The $1.5m refinery will be operated by Victoria Gold Star, a Russian firm, and projected capacity will be approximately 10kg per day. Yuri Bogoroditskiy, the managing director of Victoria Gold Star, spoke at the opening ceremony about fostering a credible gold

trade in the region. The re- finery will process gold from Uganda, the Democratic Re- public of congo and other countries in the region.

Most of the gold will come from eastern DR congo, where the mines are most plentiful. Uganda only recently discovered gold in its territory last year. how- ever, legitimate refinery ef-

sands of ex-militants in the Niger Delta area, a crucial region for oil production, and he has promised train- ing for more than 20,000 militants who surrender un- der the amnest to prepare them for refinery jobs and

forts will have to compete with the constant threat of DR congo rebels attempt- ing to smuggle gold through Uganda and other countries in the region.

Uganda's connection to gold resources of DR con- go has been the subject of controversy; the Ugandan army has been suspected of looting resources from DR congo during the 1997- 2002 war.

positions. The training is set to begin next month.

critics have alleged that the bill is misshapen and could cost the country bil- lions of dollars in the next decade if passed in its cur- rent form.

Uganda currently has only two gold mines in Busia and Mubende, but the mineral has been found in numerous other loca- tions as well.

Peter lokeris, the state minister of mineral devel- opment, had this to say: "The refinery will make an important contribution to support the development of the mining sector and national economy."

Up until this point, the only available refinery in the region has been in South africa, which has lost many of the gold-rich countries money. in the struggling economy, the currency has weakened and the value of gold has increased nearly $50 per ounce in the last year. ex- perts project that the efforts to legitimize gold trade and refine gold in Uganda will boost the economy of the war-torn region.

International Life Magazine



Document info
Document views131
Page views131
Page last viewedTue Oct 25 03:32:56 UTC 2016