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China's state companies advance billion-dollar oil and banking deals while India's plans are now on hold

The Lagos State government, the Nigerian National Petroleum Corporation and the China State Construction Engineering Corporation signed an US$8 billion deal this month for a 300,000 barrel-per-day oil refinery and a liquefied petroleum gas refinery that will produce 500,000 tonnes a year in the Lekki Free Trade Zone. Lagos will provide land and infrastructure for the project; the CSCEC will provide 80% of the finance and the NNPC will raise the rest. This plan, however, worries India's companies in Nigeria, especially ONGC Mittal Energy (OMEL), the consortium created by New Delhi's state-owned Oil and Natural Gas Corporation and the Mittal Group (AAC Vol 3 No 2). OMEL had sought assurances of support from the NNPC and the Nigerian government in December last year for its plans to build a refinery in the Lekki Free Trade Zone but the deal has gone awry.

(This article contains approximately 1201 words)

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