Business
FG Closes $15bn Deal With Indian Govt
Minister of State for Pe
troleum Resources, Dr Ibe Kachikwu, has negotiated a 15- billion dollar investment with Indian Government for the oil and gas sector.
A statement signed by Mr Idang Alibi, Director, Press Ministry of Petroleum Resources, in Abuja on Monday, stated that the negotiations were part of the three-day investment drive of the minister to India.
It said the negotiations would be for terms to be agreed, where the Indian Government would make an upfront payment for crude purchase to Nigeria.
This, it said, would be repaid on the basis of firm Term Crude Contracts over some years and in consideration for Indian public sector companies collaborating in the refining sector as well as exploration and production activities.
It added that long term contracts for supply of crude to Indian PSU companies from Nigeria and possibilities of executing CGD and LPG infrastructure projects by Indian PSU companies in Nigeria was part of the negotiation.
It added that Kachikwu had concluded talks on the investments in Nigeria’s Oil and Gas Sector in a bilateral meeting with his Indian counterpart, Shri Dharmendra Pradhan.
“Both ministers noted the existing and significant engagement between the two countries in the hydrocarbon sector.
According to the statement, the Indian minister acknowledges that Nigeria is one of the largest trading partners of India in Africa which is dominated by import of crude oil and gas.
Between 2015 and 2016, India imported nearly 23.7 million tons of crude which was nearly 12 per cent of India’s overall imports and over two million tons of LNG from Nigeria.
Following this negotiation, the two countries agreed to work on a Memorandum of Understanding(MOU) to facilitate investments by India in the Nigerian Oil and Gas sector.
It said the investment would specifically be in areas such as Term Contract, participation of Indian companies in the refining sector, oil and gas marketing.
Others include upstream ventures, the development of gas infrastructure and in the training of oil and gas personnel in Nigeria.
“The MoU is expected to be firmed up in December 2016 during PETROTECH-2016.
“ Both ministers also agreed to strengthen the existing cooperation in Oil and Gas sector, and in particular, to explore investment opportunities for Indian Public and Private Sector companies in Nigeria,” it said.
It added that the minister had one-on-one meetings with top executives of Indian Public Sector Oil and Gas companies and also representatives of some Indian private sector oil and gas companies.
Business
Kenyan Runners Dominate Berlin Marathons
Kenya made it a clean sweep at the Berlin Marathon with Sabastian Sawe winning the men’s race and Rosemary Wanjiru triumphing in the women’s.
Sawe finished in two hours, two minutes and 16 seconds to make it three wins in his first three marathons.
The 30-year-old, who was victorious at this year’s London Marathon, set a sizzling pace as he left the field behind and ran much of the race surrounded only by his pacesetters.
Japan’s Akasaki Akira came second after a powerful latter half of the race, finishing almost four minutes behind Sawe, while Ethiopia’s Chimdessa Debele followed in third.
“I did my best and I am happy for this performance,” said Sawe.
“I am so happy for this year. I felt well but you cannot change the weather. Next year will be better.”
Sawe had Kelvin Kiptum’s 2023 world record of 2:00:35 in his sights when he reached halfway in 1:00:12, but faded towards the end.
In the women’s race, Wanjiru sped away from the lead pack after 25 kilometers before finishing in 2:21:05.
Ethiopia’s Dera Dida followed three seconds behind Wanjiru, with Azmera Gebru, also of Ethiopia, coming third in 2:21:29.
Wanjiru’s time was 12 minutes slower than compatriot Ruth Chepng’etich’s world record of 2:09:56, which she set in Chicago in 2024.
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