#AKKPipelineProject: “We Launched Interstate Gas Pipeline To Revive Nigerian Industries” –President Buhari
President Buhari has maintained that the project will provide gas not only for power generation but also gas-based industries, new industries and the revival of moribund industries, in Kogi, FCT, Kaduna and Kano States.
The General Managing Director, NNPC (Nigerian National Petroleum Corporation, Mele Kyari at the launch today said the Master Plan is meant to leverage on the Nation’s huge natural gas reserve base to “stimulate unprecedented economic growth” and enable Nigeria’s migration from the current mono-economy into a diversified economy.
According to Kyari, the AKKProject, which is part of the Trans-Nigeria gas pipeline project, involves the establishment of a connecting gas pipeline network that will integrate the Northern region of the country with the Niger Delta, Eastern and Western regions of the Country.
The EPC contract for the 614km AKK Gas Pipeline Project was awarded at a total contract sum of US$2.592 bn to Messrs. Oilserv Plc/China First Highway Engineering Company (Oilserv/CFHEC Consortium) for the first segment covering 303km and Messrs Brentex Petroleum Services/China Petroleum Pipeline Bureau for the 2nd segment covering 311km under a debt-equity financing model with loan from Bank of China/SINOSURE, to be repaid through the pipeline transmission tariff and supported by a sovereign guarantee” Kyari said.
Addressing President Buhari at the virtual event, Kyari said:
“Your Excellency, all the required conditions precedent for closing the debt financing have been provided and the process of obtaining internal approvals by the Lenders is in progress to enable financing close by August 2020.”
“As part of the agreement, NNPC is utilizing the equity contribution to commence execution of the project to recover lost time and put the project back on track.”
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