China Eximbank pledges $600 million loan for Akwa Ibom Refinery Project
Not recommended for aggregates
This project is not recommended for use in creating aggregated sums. See the documentation for more information about this criteria.
Funding agency [Type]
Export-Import Bank of China [State-owned Policy Bank]
Industry, mining, construction (Code: 320)
In July 2003, the Export-Import Bank of China promised to provide $600 million to facilitate the acquisition of equipment for the Akwa Ibom refinery project as soon as the government obtained a license for the plant's construction. The Director General of the Akwa Ibom Industrial Promotion Council, Andy Inyang, said the loan represented 80% of the funding needed for the project. China Petrochemical Corporation, SINOPEC and North China Power Engineering Company Limited were the contractors selected to participate in the project.
It is unclear if China Eximbank ultimately provided any funding for this project. Some reports suggest that Gulf Bank of Nigeria plc. may have ultimately financed the project.
Number of official sources
Number of unofficial sources
Receiving agencies [Type]
Government of Nigeria [Government Agency]
Implementing agencies [Type]
China Petroleum & Chemical Corporation (Sinopec Ltd.) [State-owned Company]; China Petroleum & Chemical Corporation (Sinopec Ltd.) [State-owned Company]