Petroleum Africa
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Thursday, September 6, 2018
Nigeria’s Ajaokuta-Kaduna-Kano (AKK) pipeline construction project has received an 85% financing guarantee from China’s state-owned petroleum company CNPC. This is a result of the Sino-African Cooperation Summit (FOCAC).
The line, which is expected to cost $2.8 billion, will have a length of 614 km and is intended to carry gas from the south to the center and north of the country.
The remaining 15% of the funding for the pipeline will be provided by the two consortiums engaged in the construction of the first 400 km of the pipeline, Oando PLC/Oilserve and China Petroleum Pipeline Bureau (a subsidiary of CNPC)/Brentex.
The financing will be provided by the Industrial and Commercial Bank of China (ICBC) and the Bank of China. China’s Sinosure export credit agency will provide insurance coverage.
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