Nigeria to Build Petrochemical Plants

Nigeria has signed a memorandum of understanding with Xenel of Saudi Arabia and Nagarjuna Fertilizers & Chemicals of India to build petrochemical and fertiliser plants in the country.

The projects will include one petrochemical plant and two fertiliser plants with a capacity of 1.3 million tons.

The petrochemical plant is expected to cost $3.5bn, while the fertiliser plants are expected to cost $2.5bn.

The projects are scheduled to be completed by 2014, according to Bloomberg.

The leading oil producer of Africa expects to attract over $10bn of foreign investment in ten new plants in the petrochemical and fertiliser industries, Nigerian oil minister Diezani Alison-Madueke said.