The Jakarta Post reported that Nigeria plans to invest USD 2.68 billion in Indonesia to fund the construction of three oil refineries.

Mr Panggah Susanto, industry ministry's director general for manufacturing based industry, said that both countries had agreed to build the refineries in Indonesia.

He said that Nigeria, which produces 2.6 million barrels of oil per day, was looking for a partner to refine its crude oil. He added that "Previously they wanted the refineries to be built in Nigeria. However, as Indonesia is currently improving its downstream industry, Indonesia wanted the refineries to be built here instead."

He said that the refineries, which are projected to produce 300 barrels of oil per day each, will be used to process crude oil from Nigeria. He added that "State firm PT Pertamina will buy the crude oil from Nigeria and process it here."

(Sourced from www.thejakartapost.com)