Today's Trending

Senate to summon Kachikwu over Nigeria’s $115bn China and India deals

It was gathered that the Senate on Tuesday said it will probe into Nigeria’s recent oil deal with India, which worths over $80bn and another with China worth $15bn, with an additional $20bn deal with China’s two biggest petroleum companies.

Kachikwu

The upper chamber of the National Assembly has therefore mandated its Committees on Petroleum (Upstream), Petroleum (Downstream), Petroleum (Gas) and Foreign Affairs to summon the Minister of State for Petroleum Resources, Mr. Ibe Kachikwu, to explain the details of the deals.

[pro_ad_display_adzone id=”60438″]

The move was made following a motion moved by the lawmaker representing Edo-Central Senatorial District, Senator Clifford Ordia, titled, ‘The Need for a Detailed Explanation of the $15bn Proposed MoU with Indian Government and Over $80bn MoU Signed by Minister of State for Petroleum Resources with Chinese Firms.’

“The Senate observes that outside these (MoU for $80bn investments), the two largest oil companies in China, Sinopec and CNOOC, signed investment MoUs with the Minister of State for Petroleum Resources, committing the companies to further investments in Nigeria’s upstream oil sub-sector to the tune of $20bn,” Ordia said while moving the
motion.

The senator said the Senate was aware that the Minister of State for Petroleum negotiated a $15bn investment with India, where the Indian government would make an upfront payment to Nigeria for crude oil purchases.

He said, “The Senate is further aware that the two countries have agreed to sign an Memorandum of Understanding to facilitate investments by India in the Nigerian oil and gas sector, and specifically in areas such as refining, oil and gas marketing, upstream ventures, the development of gas infrastructure and in the training of oil and gas personnel in Nigeria.

“The Senate notes that the Minister of State for Petroleum Resources also carried out a road show in China, where a Memorandum of Understanding worth over $80bn to be spent on investments in oil and gas infrastructure, pipelines, refineries, power, facility
refurbishments and upstream financing spanning five years were signed with Chinese companies.”

2 Comments on Senate to summon Kachikwu over Nigeria’s $115bn China and India deals

  1. ok we’ve heard

    Like

  2. They are only interested in how the deal can line their own pockets. It is now an open secret that most of them are there to recoup their investment. Pls Nigerians pressure these legislathieves to confirm the appointment of the EFCC boss!

    Like

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: