Nigeria Oil Giant NNPC,
ExxonMobil sign deal on gas project
Posted: 22 September 2004
Nigerian state-run petroleum firm NNPC signed a contract for a 1.27 billion dollar (1.05 billion euros) gas project with the Nigerian subsidiary of US oil firm ExxonMobil, officials said Monday.
The agreement was signed at the London office of Credit Suisse First Boston (CSFB). hree Nigerian banks -- Union Bank, UBA and Standard Trust Bank -- are providing 50 million dollars in loans as part of the total financing package.
The NNPC and Mobil Producing Nigeria will raise 650 million dollars while CSBF will provide 575 million dollars, they said. All the loans to finance the project will be guaranteed by the Overseas Private Investment Corporation (OPIC), an agency of the US government, they added.
The project entails the expansion of the NNPC/Mobil natural gas liquids plant located in Bonny in Nigeria 's southern Rivers State . NNPC holds 49 percent equity in the project, and Mobil Producing Nigeria 51 percent.
(PIN//AFP)
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