The Group Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC), Malam Mele Kyari, has said the corporation will within the next 6 months close the financing deal of the Ajaokuta-Abuja-Kaduna-Kano (AKK) pipeline project with china.
Kyari disclosed this in an interview at the Bloomberg news headquarters in Dubai which was monitored by our correspondent in Abuja.
According to the NNPC GMD, the corporation is on the verge of closing the deal with china, following a series of dialogue with government officials of the country.
Speaking on the success level of the pipeline project, kyari explained that the NNPC has secured 15% ownership and which he said about $130m is on ground to finance the project.
He however disclosed that the national oil firm is expecting 85% closure from china, which is about $2.5m, in a maximum of 6 months time.
Kyari had on the side-lines of the 16th organization of petroleum-exporting countries (OPEC) Joint Ministerial Monitoring Committee (JMMC) meeting on Thursday in China assured that the NNPC will deliver the AKK project at the end of 2022.
He also noted that the contractor-finance scheme of the pipeline project will deliver 2bn cubic of gas and help support at least 3 power plant with a combined capacity of 3600MW of power, which he said is very significant in the context of capacity.
“We are adding 3600mw of power to the existing partners located in Abuja, Kaduna , and kano, which will help to spur up industrialisation is these locations.”
The project include a 187-kilometre pipeline from Ajaokuta to Abuja, 193 kilometres pipeline from Abuja to Kaduna, 65 kilometres from Kaduna to Zaria, and 238 kilometres from Zaria to Kano.
SOURCE: TheWhistler