7BILLION DOLLARS INVESTMENT: NNPCL/INDORAMA TO BUILD NIGERIA GAS RESOURCES                                                         16-09-23

By Sadiq Aminu                                                    The Federal Government has secured a Seven Billion Dollars investment deal with an International Oil Company, “Indorama Energy Limited to the tune of Seven Billion Dollars to develop the nation’s Gas Resources.

At the signing of a Memorandum of Understanding in Abuja, the Group Chief Executive Officer of the Nigeria National Petroleum Company, NNPC-Limited, Mallam Mele Kyari said, the move was in furtherance of the present Administration’s determination to develop the nation’s Gas Resources to boost the Economy and improve Power generation for the benefit of all Nigerians.

Mallam Kyari pointed out that, the President Bola Ahmed Tinubu led Administration was desirous of turning around the fortunes of the nation’s Oil and Gas Industry to provide jobs and enhance Food Security in his Renewed Hope Agenda for the country.

The GCEO of NNPC-Limited assured the Oil Company and other Investors of a smooth operating environment that would propel the development of the nation’s Hydrocarbon Resources in the value chain to grow the country’s Gross Domestic Product, GDP to about Three Billion US Dollars.

For the Managing Director and Chief Executive Officer of Indorama Energy Limited, Mr. Manish Mundra, the partnership that had existed between the Company and NNPC-Limited was a testament of the Federal Government’s commitment to grow the nation’s Petroleum Industry in line with Global best practices; a commitment the Company would continue to uphold to guarantee productivity.

Earlier, the Managing Director of the National Petroleum Investment Management Services Limited; broker of the deal, Mr. Bala Wunti, who harped on the need for sustained collaboration amongst Industry Players to harness the nation’s vast Gas Resources said, the MOU between NNPC-Limited and Indorama Energy Limited was strategic especially as the nation was moving in the direction of Renewed Energy Mix for growing the Economy.