Govt to raise funds for JV cash calls

07 December 2015, Abuja – The Federal Government, yesterday, disclosed that it would raise funds from  international investors and the private sector next year, to fund the Joint Venture cash calls between the Nigerian National Petroleum Corporation, NNPC, and International Oil Companies, IOCs, operating in the country.

The Federal Government, in a statement through the NNPC in Abuja, also stated that it would launch an initiative that would compel International IOCs operating in Nigeria to adopt global best practices towards the maintenance of the environment, while adding that it intends to make the country’s refineries semi-autonomous within the next 24 months.

Minister of State for Petroleum Resources and Group Managing Director of NNPC, Mr. Ibe Kachikwu, who made these disclosures during an interactive session with Nigerians living in Vienna, Austria, stressed that the Federal Government had already commenced high level discussions with local and international investors to bridge the perennial JV cash call funding gap.

He stated that this would be driven by the fact that the NNPC operations are now being transparently and efficiently handled while adding that the Corporation now publishes its monthly account, a move which he said, has inspired a lot of confidence among investors and improve the perception index of the Corporation in a positive light in the eyes of the global community.



  • Vanguard
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