Oil & Gas

NNPC says funding structure for Ajaokuta-Kano gas pipeline project almost ready

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Nigeria’s oil corporation, the Nigerian National Petroleum Corporation (NNPC) on Wednesday says it has made “significant progress” in negotiating the funding terms and payback structure for the Ajaokuta-Kaduna-Kano (AKK) gas pipeline project indicating that it is almost wrapping up its funding arrangements for the project.

“The corporation has gone far in negotiating the terms of funding as well as the best payback structure for the project. The financial partners were willing to collaborate with the corporation on the matter,” Dr Maikanti Baru, Group Managing Director of the corporation said in an emailed statement.

It will be recalled that Nigeria recently secured funding for the project during President Muhammadu Buhari’s last visit to Beijing, China.

The statement, signed by the corporation’s spokesperson, Ndu Ughamadu, explained that Baru gave the update on the gas pipeline project at the 30th edition of Gas Technology Conference in Barcelona, Spain.

The gas pipeline is designed to enable gas connectivilty between the East, West and North and also “enable gas supply and utilization to key commercial centres in the Northern corridor of Nigeria with the attendant positive spin-off on power generation and industrial growth,” Baru who was represented at the event by the Chief Operating Officer, Gas & Power of the NNPC, Saidu Mohammed, said.

“We are here at Gastech to assure the world that this time around, we mean business,” he said.

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