Nigeria approves $ 2.5 bn for gas projects

Mar 07, 2009 01:00 AM

Group Managing Director of the Nigeria National Petroleum Corporation (NNPC), Mr Mohammed Barkindo, has said the Federal Government has approved $ 2.5 bn to finance domestic gas supply for power generation in the country. This is to ensure the generation of 6,000 MW of electricity by December 2009.
Barkindo said the fund would encourage Joint Venture (JV) partners to dedicate more gas supply to electricity projects in the country. He said $ 1 bn of the amount, had been released to fast-track various gas gathering and pipeline projects being undertaken by the JV firms.

The GMD said the remaining $ 1.5 bn had been appropriated in the 2009 budget so that most of these projects would not be delayed by contractors.
"We are using all our resources to support the drive of our colleagues in the power sector so that the 6,000 MW target would be achieved before the end of this year," he said.

Barkindo assured that the amount would also be invested to ensure that natural gas was released to the power stations of the PHCN at all times. He said the presidency had introduced new security measures to check vandalism and ensure adequate protection of gas pipelines.
"Most of the obsolete facilities will be refurbished so that there would no longer be threat of leakages that could result in shortages of gas supply to the power stations. If we can sustain regular supply to our LNG clients outside the country, it is possible for us to maintain improved gas supply to the power stations," Barkindo said.

Source / This Day
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