Islamic Development Bank mulls oil refinery funding

by Souhail Karam

The Saudi-based Islamic Development Bank (IDB) will consider helping finance a 40,000 barrels per day oil refinery in Chad, Saudi state news agency SPA reported on Saturday.

Chad's Economy and Planning Minister Ousmane Matar Breme asked Ahmed Mohammed Ali, the head of the 56-member IDB, to "contribute to the construction of a ... refinery in the capital N'Djamena which will be jointly-developed by ... Chad and China," SPA said.

"The two parties agreed ... to examine the details of the project and the possibility of a financial contribution from the bank (IDB)," it said.

The refinery aims at supplying both the domestic market and neighbour countries, it added. (Reuters)