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29th January 2023
LOCAL NEWS

NNPC: Baru meets AKK Pipeline Project Financiers in Dubai

NNPC warns Nigerians on the misuse of Petroleum products
NNPC warns Nigerians on the misuse of Petroleum products

Ajaokuta-Kaduna-Kano (AKK) pipeline is getting a big boost, as the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru on Thursday, met with the Financiers of the project in Dubai, United Arab Emirate, where he directed the Chinese Consort to ensure timely finalization of the term sheet for the project’s contractor financing agreement. The Chinese consortium is made up of Bank of China and Sinosure.

In a statement released by Group General Manager on Group Public Affairs Division, Ndu Ughamadu, said the NNPC GMD Baru, had to cut short his holy pilgrimage trip to Saudi Arabia for a stop-over in Dubai to meet with the Chinese consortium in charge of AKK project, where he reiterated the need for both parties to ensure speedy conclusion on the details of the agreement towards its full execution during Mr. President Muhammadu Buhari’s state visit to China next month.

The statement also said that President Muhammadu Buhari is scheduled to attend the Forum of China-Africa Cooperation (FOCAC) Summit holding from the 1st to 4th September 2018 in the Chinese capital, Beijing. The AKK Project will be top on Mr. President’s agenda.

The Corporation had earlier clarified that the execution of the AKK gas pipeline project is progressing under the original concept of 100 percent contractor financing model contrary to some media report of a possible resort to ‘’proceed of gas tariffs’’ as new means of funding because of a purported collapse of negotiation with Chinese lenders.

The Corporation noted that the successful conclusion of the contractor financing terms would pave way for the historic ground-breaking ceremony which would take place after the conclusion of the front-end activities.

Already the Corporation had concluded the vital Front End Engineering Design (FEED) and the Environmental Impact Assessment (EIA) report while work on the detailed engineering design is nearing conclusion.

Upon completion within a projected 24-month window, the NNPC stated that the AKK gas pipeline would enable connectivity between the East, West, and North, which is currently non-existent.

It would 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.

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