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Oil and Gas: Kachikwu Signs $80bn Infrastructure Deals in China

Ibe Kachikwu - hypestationng

The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has signed Memorandums of Understanding (MoUs) with

several Chinese firms for over $80 billion new investments, spanning five years, in the oil and gas industry covering pipelines, refineries, gas and power, facility refurbishments and upstream financing reports THISDAY.

This took place in Beijing, China, during the three-day roadshow organised by NNPC in the Asian country to attract investments to Nigeria’s oil and gas sector.

The objective is to bridge the infrastructure funding gaps in the Nigerian oil and gas sector, “I can confirm that we had a successful outing and finally raised investment commitments and signed MoUs worth $80 billion.

“Out of this, $10 billion approximately was raised on the sides with our steer and push for two Nigerian companies – Delta Tek and Salvic Petroleum – while the balance of $70 billion includes MoUs signed by investors and financiers for projects with the Nigerian National Petroleum Corporation (NNPC)”, Kachikwu said.

He also revealed that other than the agreements executed for investments totalling $80 billion, he also got commitments from Sinopec and China National Offshore Oil Corporation (CNOOC) to commit to further investments in Nigeria’s upstream oil sub-sector to the tune of $20 billion, which would be concluded in the next few months.

the China roadshow is the first of many investor roadshows intended for raising funds to support the Oil and Gas Infrastructure Roadmap. More roadshows have been slated for India and the Gulf states,” NNPC said.

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