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30/06/2016

Business Nigeria-china Roadshow Fetches $50 Billion —NNPC

Nigeria-china Roadshow Fetches $50 Billion —NNPC

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The Nigerian National Petroleum Corporation
(NNPC) has said that its strategy to fund capital
intensive projects in the upstream sector of the oil
and gas industry has begun yielding fruits with the
signing of a Memorandum of Understanding (MoU)
with some Chinese companies worth $50 billion for
infrastructure development.

The corporation said in a statement in Abuja that
the deal was part of recent landmark strides by its
management to bridge the infrastructure funding
gaps in the Nigerian oil and gas sector.

The companies involved in the deal include China
North Industries Corporation (NORINCO Group),
China Cinda Asset Management Company Limited
(CINDA), China National Offshore Oil Corporation
(CNOOC), China Petroleum & Chemical Corporation/
Addax petroleum (SINOPEC/ADDAX), International
Chamber of Commerce/ China’s National
Development and Reform Commission (ICC-NDRC),
among others.

The corporation said the MoU was coming as a fall
out from its on-going road show in China, would
provide funding for investments in oil and gas
infrastructure, pipelines, refineries, power, facility
refurbishments and upstream sector.

The ICC-NDRC is expected to develop the master
plan for the deal that would include detailed
feasibility study of current status of existing
infrastructure in the Nigerian oil and gas sector
industry and a road map on its development.

“ICC-NDRC will also develop bankable projects that
will attract Chinese investors on this government-to-
government platform. This initiative will move us to
a much more profitable and efficient state,” The
NNPC said.

“The master plan will form the basis of massive
inflow of further investment from Chinese
companies into the sector.”

On the road show, the corporation said it featured
over 300 Chinese and Nigerian businessmen to
attract investors from China and the Asian sub-
region to invest in the country’s oil and gas sector.
The Nigerian delegation on the roadshow, which
included a team of top management officials of the
Corporation in the sector, was led by the Minister
of State for Petroleum Resources, Ibe kachikwu.

The road-show was a follow-up to the earlier
working visit of President Muhammadu Buhari to
China in April.

The corporation commended the support of the
companies that participated in the road-show and
assured them of Federal Government’s transparency
in ensuring growth in the sector. (NAN)



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