Chinese consortium seals pact with Clog Oil Group Nigeria

Feb 12, 2002 01:00 AM

A Chinese consortium, the Chinese-Nigeria International Power System Cooperation Company (CNEC) has sealed a pact with Clog Oil Group, an indigenous oil company to explore and invest in the country's oil and gas, and power industries. The Chinese consortium led by Mr. Hu Guang Sheng arrived in Nigeria to boost the oil, power sectors with its new technologies.
According to Mr. Guang Sheng, CNEC has an enviable record in provision of comprehensive services for power projects. The business scope of CNEC he added includes: Electric power development planning, survey and exploration services, consulting services, engineering design, supervision, turnkey projects, financing, construction management of power plants, transmission line and substation projects.

Enumerating the success of the consortium in development of Chinese power sector, thermal and hydro, Sheng stated that his company has conducted more than 300 feasibility studies and appraisals of power plant projects for the State with a totalcapacity of 250,000 MW. Other accomplishments he added, include 270 preliminary designs of 161,000 MW; 150 preliminary designs of 27,000 KM of 330 KV and above transmission line project, 180 preliminary designs of substations and a total of 90,000 MVA.
CNEC, he said, has worked extensively in exploration and engineering for government sectors and other clients totalling over 400 power plants projects of about 135,000 MW. CNEC s total investment, Sheng added, is over 560 bn Chinese Yuan ($ 65 bn) constituting 60 % of Chinese annual budget for power.

With our expertise, Sheng maintained, "we believe that we can organise, utilise and manage related enterprises in Nigeria as we have done and are still dong in countries like India, Indonesia, Pakistan, Bangladesh among other countries."
He also added, that CNEC s principle is to continue to rely on the advancement of sustainable development and enhancement of investment efficiency with the aim of serving society. "We utilise modern management systems onthe model of international engineering firms, to bring our overall merits and strategic competence for the development of power industry to exploit markets both at home and abroad."

In his response the Chairman/CEO of Clog Oil, Mr. Benson Akingboye, said that the visit of these foreign investors is part of the dividends of democracy and testimony to the renewed confidence in Nigeria by international investors. Akingboye added that although the consortium is here at the instance of Clog Oil, they are here on business mission that would be beneficial to both government and the people of Nigeria. Indeed, they are set to boost the nation s economy with vast resources, he added.
Meanwhile, the Chinese investors is holding a one week agricultural exhibition which commenced. The agreement was concluded and sealed with Chief Akingboye signing for Clog Oil and Guang Sheng for CNEC.

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