Firms Seal Deals To Boost Nigeria’s Oil & Gas Industry

December 9, 2016
Firms Seal Deals To Boost Nigeria’s Oil & Gas Industry

Firms Seal Deals To Boost Nigeria’s Oil & Gas Industry

By Modupe Gbadeyanka

No fewer than eight memorandum of agreements (MOAs) were signed by four companies on Friday in Abuja for the development of several multi-billion dollar investment and infrastructure projects in Nigeria.

The MoAs were signed by Chongqing Construction Engineering Group Co. Ltd (CCEGC), Tianjin Energy Resources Ltd, Oilserv Limited (Oilserv) and Alpha Group of Companies’ (Alpha).

The companies have the support of Industrial and Commercial bank of China (ICBC) and Standard Bank of South Africa whom are the projects financiers.

The agreements set the stage for jointly developing, financing, and constructing several high profile projects including crude oil and gas pipelines, oil refineries, port, highways, and railways across Nigeria.

Alpha and several leading companies are already developing the Gas Revolution Industrial Park (GRIP) in Ogidigben, Delta State and Oilserv has partially completed the biggest pipeline project in Nigeria (East-West Gas Pipeline OB3) which is a 48inch pipeline project that is expected to carry gas to various power plants in the country.

The consortium also held a meeting with the Nigerian National Petroleum Corporations (NNPC) senior management including Group Executive Director’s/Chief Operations Officers, Mr Saidu Mohammed (GED/COO Gas and Power) and Mr Bello Rabiu (GED/COO Upstream).

CCEGC, Tianjin, Oilserv, and Alpha agreed to strengthen cooperation including co-financing, at strategic and technical levels on the basis of complementary value added, corporate strengths and comparative advantages, and mutual benefits, according to the MOAs.

Chairman/Party Secretary Yang said, “CCEGC is proud to foster the long-term strategic relationship between Nigeria and China by participating in such high profile projects and bringing our proven experience, track record, and financing capabilities to the partnership. We look forward to working with our partners Alpha Group and Oilserv in Nigeria and the rest of Africa.”

“With strong financial and technical support from CCEGC, proven indigenous experience in constructing pipelines from Oilserv and development leadership from Alpha Group, Tianjin is proud to join forces in building Nigeria’s much needed infrastructure,” added Engr. Peter Lin, Managing Director of Tianjin Energy Resources Ltd.

“We are delighted to formally welcome CCEGC, Tianjin Energy, and Oilserv in joining our growing list of strategic project partners for the Gas Revolution Industrial Park in Delta State as well as for our development projects and initiatives in Northern Nigeria for which we remain passionately committed to the regions’ socio-economic development and industrialization” added Chairman Sheikh Mohamed Bayorh from Alpha Group of Companies.

The four companies will prepare formal proposals to the relevant authorities as well as undertake joint feasibility studies and participate in joint steering committees with key stakeholders from Federal and State institutions as well as Nigerian government institutions including the NNPC, Nigerian Port Authority (NPA), Nigeria Export Processing Zones Authority, and Federal Ministry of Transportation.

Modupe Gbadeyanka

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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