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NNPC Partners with other Firms, Attracts $32B in two years

NNPC Partners with other Firms, Attracts $32B in two years 

The Nigerian National Petroleum Corporation (NNPC), some multinationals and local partners have in the last two years attracted about $32 billion investment into the Nigerian oil and gas sector. The investment is coming exactly two years after the Group Managing Director of NNPC, Mele Kyari, assumed office at the state oil firm.

While a $3.15bn Alternative Financing Package with Sterling Exploration and Energy Production Company Ltd (SEEPCO), and other partners for the development of NPDC’s OML 13 was signed recently, a new $10billion investment in the development of the Bonga South-East Field appears feasible.

The corporation had also signed a pact hovering around $2.8billion for the construction of the Ajaokuta Kaduna Kano pipeline project while the $3.6bn Brass Methanol Plant in Odioma, Bayelsa State as well as $260m financing agreement for the Assa-North Ohaji South (ANOH) Gas Project with Seplat was also championed by the corporation.

A scoreboard document obtained by The Guardian also showed that while the group led the Nigerian Content Development and Monitoring Board (NCDMB) and Zed Energy for the construction of the N10.5bn Brass Petroleum Products Terminal, a $1.5bn Engineering, Procurement and Construction (EPC) Contract Agreement was signed with Tecnimont SpA, for the complete rehabilitation of Port Harcourt Refinery.

There was also a $10 billion investment for the NLNG train seven, which is expected to create 12,000 direct while N875.75m NPDC OML 65 Alternative Funding and Technical Services package with CMES-OMS Petroleum Development Company came on stream.

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