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Tuesday, April 25, 2023
On an inspection tour of one of the AKK Gas Pipeline project sites in Ahoko, located in Kogi State, Nigeria, the Group Chief Executive of NNPC, Mele Kyari, said the project is almost at 70% completion, adding that over $1.1 billion in domestic funding had so far been released to finance the project.
“The AKK Gas Pipeline is one massive project we are running as NNPC Limited. It has immense value for Nigeria & its socio-economic growth. The project has not stopped for one day. We have continued to fund it despite the absence of third-party financing,” Kyari said.
“We have so far spent over $1.1 billion on this project from our cashflow. We are a commercial company today. We have inter-company loans within our company now. This company can fund this project, so we do not need any support to deliver this project now,” he added.
The 614-km AKK pipeline began construction in June 2020, and will generate 3.6 GW of power to the communities along its route. The pipeline was originally slated to come online in Q1 2023.
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