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Nigeria And General Electric Sign $1 Billion Memorandum Of Understanding  Join our daily free Newsletter

MENAFN - Qatar News Agency - 02/02/2013

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(MENAFN - Qatar News Agency) Nigeria signed Friday a Memorandum of Understanding (MoU) with General Electric to build an oil factory.

The deal will be worth 1 billion.

Almost quarter of that amount will be paid up-front, both parties did not specify how the rest of the money will be paid.

General Electric's factory could create up to 2300 jobs.

I t will be located in a city close to Port Harcourt, an influential oil hub. Nigeria is Africa's top oil producer.

It produced around 800 thousand barrels a day in 2012. Yet the country suffers from regular power outages.

The new factory should triple Nigeria's power output over the next decade.

The MoU allows General Electric to explore new oil and natural gas fields in the most populous African country.

 






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