Close Menu
    Facebook X (Twitter) Instagram
    Facebook X (Twitter) Instagram
    SweetCrudeReportsSweetCrudeReports
    Subscribe
    • Home
    • Oil
    • Gas
    • Power
    • Solid Minerals
    • Labour
    • Financing
    • Freight
    • Community Development
    • E-Editions
    SweetCrudeReportsSweetCrudeReports
    Home » American conglomerate to inject $50bn in Nigeria’s oil, infrastructure

    American conglomerate to inject $50bn in Nigeria’s oil, infrastructure

    April 23, 2012
    Share
    Facebook Twitter LinkedIn WhatsApp

    Favour Nnabugwu

    23 April 2012, Sweetcrude, ABUJA – Amatex Technologies Corporation, an American-based conglomerate has offered to boost foreign direct investment, FDI, with N50billion investment in the nation’s oil and gas sector as well as infrastructure development.

    Representatives of the conglomerate disclosed this during a meeting with Dr Samuel Ortom, Minister of State for Trade and Investment in Abuja recently.

    The company said that it was ready to build two private, and solely fund 250,000 barrels per day capacity modular oil refineries at the ports in Tongeji and Itopo in Lagos and Ogun states respectively within a year.

    Leading the conglomerate, Mr. Gabriel Oladipo, Chairman/Chief Executive of DAS Eagle oil Limited said the company was also ready to help the federal government to build two modular oil refineries in other parts of the country through Build, Own, Operate and Transfer, BOT model or any other mutually acceptable models.

    He said other areas of interest include power plants, international airports and roads, as well as help the federal and states governments in the areas of their infrastructural needs.

    He said that the company would also build world class hospitals and schools, participate actively in agriculture and agro-allied businesses, and the banking sector of the nation’s economy.

    “The company is also interested in the banking sector, agro-allied industries and tourism. We want to engage in pipe-borne water projects, especially in the coastal areas where potable water will be derived from purification of water from the sea and lagoons leading to salt production”.

    The company, he stated is alo interested In the tourism sector where it intends to build two five star hotels, resorts, amphitheaters, entertainment and theme parks as well as shopping malls.

    He assured that the company has the technical competence and financial capability to execute all the projects, once the terms and conditions of funding and executing them are agreed to by the federal government.

    “The project-financing structure for these and other projects that Nigeria may be interested in executing have been arranged,” the chief executive added.

    He called on the government to give the company incentives as well as all the permits and approvals requested by the management to achieve the objectives adding that it also deserve tax holidays, pioneer status or capital allowances and import duties reliefs.

    While also calling for security of investments and full rights to repatriate investments if and when desirable, he said, “Our company is ready, willing and able to assist Nigeria in executing its projects and development programmes which have been hampered by funds”.

    He stated that the management was expecting to meet relevant government ministries, departments and agencies, MDAs very soon for the memorandum of understanding, MoU that would pave way for the quick establishment of the private refinery as well as other areas of investments and cooperation.

    He said that the company is ready to immediately sign agreements on such projects to the tune of US $10 billion and start executing them immediately.

    Related News

    Indonesia eyes Nigeria for trade, investment expansion

    Africa-FX – Most currencies expected to be stable

    AFC champions shift of $4trn in domestic savings into Africa’s infrastructure transformation

    E-book
    Resilience Exhibition

    Latest News

    US oil/gas rig count falls for 6th week to 2021 lows – Baker Hughes

    June 8, 2025

    Demand for US light sweet crude drops as OPEC+ ramps up output

    June 8, 2025

    ‘Ebonyi communities face pollution, abuse from Chinese mining firms’

    June 8, 2025

    Nigeria loses N710bn to gas flaring in four months

    June 8, 2025

    NNPCL cuts workforce by 197 employees in one year

    June 8, 2025
    Demo
    Facebook X (Twitter) Instagram
    • Opec Daily Basket
    • Oil
    • Power
    • Gas
    • Freight
    • Financing
    • Labour
    • Technology
    • Solid Mineral
    • Conferences/Seminars
    • Community Development
    • Nigerian Content Initiative
    • Niger-Delta Question
    • Insurance
    • Other News
    • Focus
    • Feedback
    • Hanging Out With Markson

    Subscribe for Updates

    Get the latest energy news from Sweetcrudereports.

    Please wait...
    Please enter all required fields Click to hide
    Correct invalid entries Click to hide
    © 2025 Sweetcrudereports.
    • About Us
    • Advertise with us
    • Privacy Policy

    Type above and press Enter to search. Press Esc to cancel.