Project ID: 34652

Consortium of Chinese banks pledge loan for construction of three oil refineries in Bayelsa, Kogi and Lagos states and one fuel complex/petrochemical plant

Pledged amount

$ 32032719523.31353

Adjusted pledged amount

$ 32032719523.31353

Constant 2021 USD

Not recommended for aggregates

This project is not recommended for use in creating aggregated sums. See the documentation for more information about this criteria.

Summary

Funding agency [Type]

Industrial and Commercial Bank of China (ICBC) [State-owned Commercial Bank]

Recipient

Nigeria

Sector

Energy (Code: 230)

Flow type

Loan

Level of public liability

Other public sector debt

Infrastructure

Yes

Category

Intent

Mixed (The next section lists the possible statuses.)

Commercial

Development

Representational

Mixed

Financial Flow Classification

OOF-like (The next section lists the possible statuses.)

Official Development Assistance

Other Official Flows

Vague (Official Finance)

Flows categorized based on OECD-DAC guidelines

Project lifecycle

Status

Pipeline: Pledge (The next section lists the possible statuses.)

Pledge

Commitment

Implementation

Completion

Suspended

Cancelled

Milestones

Commitment

2010-01-01

Description

On May 13, 2010 China State Construction and Engineering Corporation signed an MoU with Nigerian National Petroleum Corporation (NNPC) to construct three oil refineries located in Bayelsa, Kogi and Lagos states and one fuel complex/petrochemical plant in Nigeria for a total cost of $23 billion, according to a 2017 Nigerian Bond Prospectus. China Export Credit Insurance Corporation (SINOSURE) and a consortium of Chinese banks, led by the Industrial and Commercial Bank of China, will finance 80% of the project through loan financing (a combination of supplier's credits guaranteed by SINOSURE, and loans from a consortium of Chinese banks) and NNPC will finance the remaining 20%. Available sources confirm that the project is still not underway. As of 2015 the project was stalled and has yet to be implemented. A November 2018 bond prospectus states that the three greenfield refinery projects have since been put on hold. Scooper News suggests that after the project failed to meet a 2015 deadline, there has been a search for new partners. In May 2010, a memorandum of understanding was signed in which China agreed to construct an 8 billion USD oil refinery in Nigeria's Lekki Fre Trade Zone within the 23 billion USD investment (one of the three greenfield projects). Chinese investors are to hold a 25% stake in this project.

Number of official sources

2

Number of total sources

12

Download the dataset

Details

Cofinanced

Yes

Direct receiving agencies [Type]

Nigerian National Petroleum Corporation [State-owned Company]

Implementing agencies [Type]

Nigerian National Petroleum Corporation [State-owned Company]

China State Construction Engineering Corporation (CSCEC) [State-owned Company]

Loan Details

Bilateral loan

Investment project loan