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.
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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.