The Federal Government yesterday signed $4.5 billion (equivalent of N693 billion) Memorandum of Understanding (MoU) with an American and Nigerian Joint Venture Group, Vulcan Petroleum Resources Limited and Petroleum Refining and Strategic Reserve Limited for the construction of six modular refineries with combined capacity of 180,000 barrels per day.
Two of the refineries with 30,000 to 60,000 barrels per day will be located in areas where there are crude oil pipelines in collaboration with the Nigerian National Petroleum Corporation and will be completed within 12 months.
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