Senate To Grill Kachikwu Over $95 Billion Oil Deal

By Ikenga Chronicles November 22, 2016

Senate To Grill Kachikwu Over $95 Billion Oil Deal

The Minister of State for Petroleum Resources, Dr Ibe Kachikwu will soon appear before a joint committee of the Senate to explain Nigeria’s recent oil deals with two Asian giants, India and China.

Kachikwu will appear before Senate joint committees on Petroleum (Upstream), Gas and Foreign Affairs to give detailed explanation on a $15 billion proposed Memorandum of Understanding (MoU) with the Indian government and another $80 billion MoU signed with Chinese firms.

The summon of the Minister, came, following a motion moved by Senator Clifford Ordia who noted that the Minister negotiated a $15 billion investment with India where the Asian country is expected to make an upfront payment to Nigeria for crude oil purchases.

Senator Ordia said the signed agreement with the Indian government will facilitate investments in the oil and gas sector, specifically in areas such as refining, oil and gas marketing, upstream ‎ventures, the development of gas infrastructure and in the training of oil and gas personnel in Nigeria.

He explained further: “The Minister of State for Petroleum Resources also carried out a roadshow in China where an MoU worth over $80 billion to be spent on investments in oil and gas infrastructure, pipelines, refineries, power, facility refurbishments and upstream financing, spanning five years, were signed with Chinese companies.”

In June, Kachikwu announced the signing of a multi-billion dollar deal with several Chinese firms, spanning five years in the oil and gas industry, covering pipelines, refineries, gas and power, facility refurbishments and upstream financing.

Write a comment

No Comments

No Comments Yet!

Let me tell You a sad story ! There are no comments yet, but You can be first one to comment this article.

Write a comment
View comments

Write a comment

<