China
22:46, 12-Aug-2017
Chinese banks committed to oil, gas investments in Nigeria
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Chinese banks have made commitments to offer financial support for oil and gas investments in Nigeria, a top Nigerian official has said.
Maikanti Baru, the Group Managing Director (GMD) of Nigerian National Petroleum Corporation (NNPC) made the remarks in Abuja on Friday during a meeting with a delegation from the Nigerian Gas Association (NGA).
Baru said China had contributed 250 million US dollars for project development at a recent financing agreement signed in London.
"On that occasion, I did challenge the Chinese banks that since they have now come on board, they should move from the backseat to the driver's seat," he added.
Baru said the recent debt settlement for Joint Ventures (JV) would have great impact on the gas industry, noting that the JV initiative was capable of providing some dedicated funds to develop the oil sector.
"We share the aspiration of government to raise power generation to at least 10 GW capacity, not just 10 GW in terms of installed capacity but one that will be steady in the grid by 2020," he said.
Chinese banks have made commitments to offer financial support for oil and gas investments in Nigeria.
Chinese banks have made commitments to offer financial support for oil and gas investments in Nigeria.
"All these will drive our activities to ensure that the gas business is expanded and government's aspiration to earn as much revenue from gas as oil will be realized definitely," Baru said.
He noted that significant progress had been recorded in the contracting process of the 2.7 billion-US dollar Ajaokuta-Abuja-Kaduna-Kano pipeline project.
Baru expressed optimism that the achievement of the project would bring a new dimension in the execution of gas projects in the country and motivate private investors to fund such projects.
11010km
Source(s): Xinhua News Agency