NNPC, Chinese lender seal $2.5bn pipeline deal

The Group Managing Director, Nigerian National Petroleum Corporation, Mallam Mele Kyari, says the corporation has agreed to a $2.5bn financing with a Chinese lender for pipeline project in Nigeria.

The NNPC boss who stated this in an interview with Bloomberg TV, said it was a pipeline contractor project that would deliver 3, 600 megawatts of power and supply two billion standard cubic feet of gas.

He added that the corporation had secured 15 per cent owner financing from the Chinse firm, which is close to $430m already, and that the NNPC was expecting closure of 85 per cent, amounting to about $2.5bn.

Kyari said, “It is a pipeline contractor project that will deliver 3,600 megawatts of power at the first instance and particularly supply two billion SCF/d of gas which is quite significant in the contest of our current situation. And of course, financing is everything. What we did is to get a Chinese company; it has been a long conversation and it is very close to financial closure.”

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