Chinese Firm To Invest N160 billion in Oil Exploration in Niger State
Following the growing prospect of oil and gas discovery in commercial quantity in Bida Basin, a Chinese firm has indicated interest to invest over N160billion in the construction of a refinery in Baro, Niger State and help in exploring oil and gas deposits in the area.
The state government early in 2012 set up a technical committee to look into the commercial viability of oil and gas deposits in the Bida basin and the possibility of the government going into the exploration of such deposits.
The Commissioner for Mining and Mineral Resources Engineer Abubakar Baba Jibril who made this known yesterday in Minna said the Chinese firm is among five other investors that indicated interest in the project.
He explained that investors were willing to take part in the project because the crude oil deposits in the basin had been tested to be of high quality not only by the technical committee for the exploration of oil deposit in the area but also by the investors.
[RELATED: Niger State Government Writes Presidency Over Oil & Gas Deposits in Bida]
The commissioner further stressed that President Goodluck Jonathan had approved the letter sent to him by state government intimating him on the discovery of oil and gas in Bida basin and that the president directed the Ministry of Petroleum Resources to advice accordingly.
He said, the minister of petroleum had directed a director in the ministry to arrange a meeting with officials of the state government on the matter. Jibril added that due to some reasons the proposed meeting arranged to be held late last year could not hold, saying if all worked out according to plan, the meeting is expected to hold this month.
Source: Daily Trust
The state government early in 2012 set up a technical committee to look into the commercial viability of oil and gas deposits in the Bida basin and the possibility of the government going into the exploration of such deposits.
The Commissioner for Mining and Mineral Resources Engineer Abubakar Baba Jibril who made this known yesterday in Minna said the Chinese firm is among five other investors that indicated interest in the project.
He explained that investors were willing to take part in the project because the crude oil deposits in the basin had been tested to be of high quality not only by the technical committee for the exploration of oil deposit in the area but also by the investors.
[RELATED: Niger State Government Writes Presidency Over Oil & Gas Deposits in Bida]
The commissioner further stressed that President Goodluck Jonathan had approved the letter sent to him by state government intimating him on the discovery of oil and gas in Bida basin and that the president directed the Ministry of Petroleum Resources to advice accordingly.
He said, the minister of petroleum had directed a director in the ministry to arrange a meeting with officials of the state government on the matter. Jibril added that due to some reasons the proposed meeting arranged to be held late last year could not hold, saying if all worked out according to plan, the meeting is expected to hold this month.
Source: Daily Trust
Chinese Firm To Invest N160 billion in Oil Exploration in Niger State
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