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Natpet Commits to US$3.5bn New Project in Nigeria

Source: www.gulfoilandgas.com 4/3/2011, Location: Africa

Saudi Arabia's National Petrochemical Industrial Company (Natpet) has reached an agreement with the Nigerian government to establish a petrochemical complex in the oil rich West African country, according to official Nigerian sources.

The Nigerian ministry and Natpet signed a memorandum of understanding (MoU) related to the project which will initially have US$3.5 billion invested into it, however no further details about the project were disclosed.

"(Our investment) will initially be around $3.5 billion," Natpet managing director Matouq Jannah told Reuters. "We will sell petrochemical products into the market."

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