NNPC, Mobil Source $ 1.5 Billion Loan from Offshore and Local Banks

The Nigerian National Petroleum Corporation (NNPC) and Mobil, join-venture partners in oil mining assets, are tapping local and international markets for financing of $ 1.5 billion in order to fund drilling activities.

Some international and local lenders being tapped for the financing include Standard Bank, BNP Paribas and Standard Chartered Bank.

According to Mark Ward, MD of Mobil Nigeria, “NNPC and ExxonMobil have come to introduce very creative and innovative solutions that will comply with the local content initiative that will bring in the Nigerian banking community to the financing room and also find a way to continue with the significant development of the JV resources without burdening the Federal coffers.”

“We’ve got very aggressive program with our senior partner that we will continue to implement aggressively. We’ve got our focus on gas resources which are coming critically important to the nation and we are confident that with our integrated approach to gas supply for power, gas for domestic market; that we will further add to the success of the joint venture.”

He added, “I hope to be able to come in front of you in very short period of time with the packaged financing that will continue this very successful programme for the future. With this signing, I can assure you that Nigeria will also be happy even with the recent challenges, we have not lost our confidence to continue with our programs in Nigeria; that is to show you the level of confidence we have in Nigeria.”

One Comment

1. 

   Anonymous

   February 29, 2012 at 4:47 am

    
    Good Engr Oniwon.

   You have started working and it means well.

   Diginty in Labour .Bravo.!!!!!!!

   When you work , we praise you ,when you sleep we awake you .

   You have a high responsibility .Earn its respect .

   I see your website is becoming creative . You have ears.

   Good!!! Chiyoda is around .

   i dont care weither in Kaduna or kafancha.

   They need to be around .

   There MUST be issues for them to rectify/clarify due to the plant age.

   Trust me on this .

   They are the real Builders of Port harcourt Refinery and as old as it is , it need the real builders to revamp it .

   It will save us alot of stress.

   This is beyound personal gains . Serve your Nation Well.

   Good Luck.