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
NCAA Certifies Elin Group Aircraft Maintenance

Business
SMEDAN, CAC Move To Ease Business Registration, Target 250,000 MSMEs

Business
Blue Economy: Minister Seeks Lifeline In Blue Bond Amid Budget Squeeze

Ministry of Marine and Blue Economy is seeking new funding to implement its ambitious 10-year policy, with officials acknowledging that public funding is insufficient for the scale of transformation envisioned.
Adegboyega Oyetola, said finance is the “lever that will attract long-term and progressive capital critical” and determine whether the ministry’s goals take off.
“Resources we currently receive from the national budget are grossly inadequate compared to the enormous responsibility before the ministry and sector,” he warned.
He described public funding not as charity but as “seed capital” that would unlock private investment adding that without it, Nigeria risks falling behind its neighbours while billions of naira continue to leak abroad through freight payments on foreign vessels.
He said “We have N24.6 trillion in pension assets, with 5 percent set aside for sustainability, including blue and green bonds,” he told stakeholders. “Each time green bonds have been issued, they have been oversubscribed. The money is there. The question is, how do you then get this money?”
The NGX reckons that once incorporated into the national budget, the Debt Management Office could issue the bonds, attracting both domestic pension funds and international investors.
Yet even as officials push for creative financing, Oloruntola stressed that the first step remains legislative.
“Even the most innovative financial tools and private investments require a solid public funding base to thrive.
It would be noted that with government funding inadequate, the ministry and capital market operators see bonds as alternative financing.
-
Oil & Energy4 days ago
Digital Technology Key To Nigeria’s Oil, Gas Future
-
News4 days ago
Disclose appointment process of INEC chairman, SERAP tells Tinubu
-
Rivers2 days ago
MOSIEND Hails DELGA Chair Over Inclusive Leadership
-
News4 days ago
2027: Tinubu’s Presidency Excites APC Stalwarts…As Group Berates NWC For Party Crisis In Bayelsa
-
Niger Delta4 days ago
Ewhrudjakpo Tasks CS-SUNN On Effective Nutrition Awareness
-
News2 days ago
Fubara Wades Into Emuoha LG, Workers Conflict ….As NULGE Suspends Strike.
-
Sports4 days ago
Akomaka Emerges South South Representative Board Member In NCF
-
Sports4 days ago
Tottenham Salvage Point Against Wolves