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ENI invests fresh N1trillion in Nigeria

Posted by Gbenga Abiodun on 2006/07/19 | Views: 402 |

ENI invests fresh N1trillion in Nigeria


ENI, the parent company of Nigerian Agip Oil Company Limited (NAOC) is set to invest a fresh $8billion (N1.04trillion) in Nigeria.....

ENI, the parent company of Nigerian Agip Oil Company Limited (NAOC) is set to invest a fresh $8billion (N1.04trillion) in Nigeria even as the federal government has said that it would release the much awaited national gas pricing policy to the public early next month.

Mr. Paolo Scaroni, the chief executive officer of the Rome-based ENI who announced this yesterday during a meeting with President Olusegun Obasanjo at the State House, said that the company would make the investment in Nigeria over the next five years.

President Obasanjo gave assurances to stakeholders in the gas industry, including the NAOC which uses substantial gas in its many Independent Power Projects that the new gas policy would be released early next month. The policy has yet to be released because the Gas Pricing Bill that would make it operational has been with the National Assembly.

Receiving a delegation from ENI, the parent company of NAOC in State House, the President said that a comprehensive gas pricing policy would put an end to the current ad hoc pricing system.

The new policy proposes a differential pricing regime for domestic uses and for industrial or export market. Cooking gas for home uses is expected to cost much less than the supply for industries or exports.

The President commended Agip for taking the lead in the Independent Power Production (IPP) programme of the federal government and urged other gas producing companies to emulate Agip. "Thank you for breaking the jinx in the IPP sector", he said, while also expressing delight that the company had done a lot in the training of indigenous staff.

President Obasanjo reiterated the determination of his administration to wisely invest the country’s oil revenue for sustainable development.

"We have to use what we have to get what we want" he said, stressing that "we will use oil, and gas to improve power, transportation, fertilizer production among other national needs."

Mr. Scaroni, while commending the reform programme of the administration which he said had restored investor-confidence in the country, stressed that with over 40 years presence in Nigeria, the country was strategic to ENI.

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Fay(Katy, Texas, US)says...

Actually translates to bravehearted.