Guinea to build $2bn oil refinery

The Guinea Government has approved a plan for the construction of a $2bn oil refinery.

The project will be carried by UK firm Herman Trading, which is backed by UK, Indian and Guinean investors, reports Reuters.

The refinery will be built in the western region of Boffa, and will have a total production capacity of 150,000bpd.

Initially, the refinery will have production rate of 6,000bpd, which will be increased to 10,000bpd in 2012 and will reach full capacity within five years.

The refinery will start its first production by May 2012.