Posted by Michael Faloseyi, Abuja on
The Federal Government on Tuesday, signed a memorandum of understanding with four Korean firms to pare way for investments in Nigeria's energy and transport sectors.
The Federal Government on Tuesday, signed a memorandum of understanding with four Korean firms to pare way for investments in Nigeria's energy and transport sectors.
One of the four proposals received on Monday by President Olusegun Obasanjo, was for the construction of a 2,250-megawatt power plant.
The MoU was signed barely 24 hours after President Obasanjo constituted a committee to discuss the business proposals submitted by the Korean firms.
The Minister of State for Petroleum Resources, Dr. Edmund Daukoru, signed the MoU on behalf of the Federal Government, while one representative of each of the Korean companies signed for respective organisations.
The proposals include a plan by the Korean National Oil Company for the construction of a 1,200-kilometre of gas pipelines and Daewoo Shipbuilding and Marine Engineering that wanted to deepen its stakes in the oil and gas industry.
Daewoo is currently handling a $1.1billion contract for the construction of a Floating, Production Storage and Offloading vessel for the Agbami oil field of ChevronTexaco.
The other proposals are those for investment and expansion of the Nigerian railway network received from the Posco Engineering and Construction.
In a statement issued after the signing ceremony, Daukoru promised to support the Korean delegation in any of their business endeavours, if it would multiply the Nigerian economy.
He explained that the MoUs signed covered all the areas already indicated by the Korean investors.
The minister said that their participation in the Nigerian economy would strengthen relationships between the two countries.
Responding on behalf of the Korean delegation, Chief Executive Officer of KEPCO, Mr. Joo Ho Han, said the MoU was the beginning of interest in the Nigerian economy.
Meanwhile, other members of the presidential committee are the Minister of Power and Steel, Senator Liyel Imoke, Minister of Transport, Dr. Abiye Sekibo, Managing Director of Power Holding Company, Mr. Joseph Makoju, and Group Managing Director, the Nigerian National Petroleum Corporation, Mr. Funsho Kupolokun.
The PUNCH, Wednesday, July 27, 2005