NNPC plans aggressive foreign partnerships for 2018

Nigerian National Petroleum Corporation (NNPC) has announced that part of it programme for 2018 would include very aggressive cooperation from the international community in supporting activities through technical and financial collaboration.

The corporation disclosed that alternative financing approach had yielded positive results and helped to renew investors’ confidence resulting in a boost in Foreign Direct Investments in Nigeria.

Maikanti Baru, The Group Managing Director called on foreign investors to partner with the Corporation in its multi-billion dollar projects expected to come up in 2018.

Baru, who made the call in London at the Forbes Award on him, said the Corporation would be involved in a number of projects which would require international collaboration.

In a statement signed by Ndu Ughamadu, Group General Manager, Group Public Affairs Division, Baru listed some of the mega projects that would be launched in the coming year to include: Bonga SW/Aparo; Zaba-zaba; Bosi; the 7 critical gas projects and gas pipelines; NLNG Train 7 plus expansion; possible divestment of Government Equity in JV and development of modular refineries amongst others.

According to him, “Today, the confidence of investors is being restored, thanks to good governance provided by this administration”.

Baru further said that international collaboration between the NNPC and its partners was fast yielding results, adding that within the last three (3) years, NNPC had secured about $3.7bn alternative financing agreements aimed at sustaining and increasing the national daily production.

Baru observed that the financing arrangement had also deepen the participation of local banks in funding the Upstream Sector as it the funds were syndicated from both local and International banks as well as lenders.

He commended the local and international lenders and the Joint Venture partners for their continued faith in Nigeria and their support towards providing the funding.

Meanwhile NNPC says 577 firms have indicated interest to secure the insurance renewal contract for its oil and non-oil assets.

In a statement signed by Ndu Ughamadu, its spokesman, the corporation said the bidding is part of its efforts to ensure transparency.

According to the statement, Modupe Bameke, NNPC group general manager, risk management and insurance, said the bidding is also a requirement of the Bureau of Public Procurement (BPP).

“The essence of this public bid opening is to ensure that the Corporation complies strictly with the provisions of the Bureau of Public Procurement Act (BPP),” the statement read.

“All the bids will be opened in the presence of everybody to ensure that all entries are properly captured in line with the transparency principle of the NNPC.”

Shehu Liman, group general manager, supply chain management, said the public opening bids measure is aimed at providing a level playing field for all bidding companies.

“The idea is to select broking and insurance companies that are credible and capable with track records of performance. What this means is that we are going to eliminate all those transactions that are not necessary,” he said.

A breakdown showed that 245 brokers tendered for oil assets, 251 brokers tendered for non-oil assets while 37 insurance companies tendered for oil assets and 44 tendered for non-oil assets.

Representatives of the companies which tendered bids applauded NNPC for sustaining the culture of transparency and accountability through the exercise.