Petroleum Africa
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Monday, December 12, 2016
A number of multi-billion dollar investment and infrastructure deals were signed in Nigeria. Executives from Chongqing Construction Engineering Group Co. Ltd (CCEGC), Tianjin Energy Resources, Oilserv Ltd., and Alpha Group signed eight memorandum of agreements (MOAs) for the development of several projects in Nigeria.
The MOAs were signed in the presence of senior representatives from the Commercial Bank of China and Standard Bank of South Africa. The two financial institutions are the projects’ financiers.
The agreements signed set the stage for jointly developing, financing, and constructing several high-profile projects including crude oil and gas pipelines, oil refineries, a port, highways, and railways across Nigeria.
A number of projects are already being developed by the firms involved, such as Alpha and partners’ Gas Revolution Industrial Park (GRIP) being developed in the Delta state and Oilserv has partially completed the biggest pipeline project in Nigeria, the East-West Gas Pipeline OB3.
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.
The consortium also held a meeting with the NNPC’s senior management
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 Nigerian National Petroleum Corporation, Nigerian Port Authority, Nigeria Export Processing Zones Authority, and Federal Ministry of Transportation.
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