Govt activates N162.9b Zungeru 700MW power plant MoU

The Federal Government has activated a Memorandum of Understanding (MoU) between it and a Chinese Consortium Sinohydro/CNEEC Corporation for the immediate commencement of work on the construction of 700 Mega Watts (MW) Zungeru Hydroelectric Power Project in Niger State.

This followed the nod given to the contract by the Federal Executive Council some weeks ago.

The construction of the plant is coming 30 years after government first did a feasibility study on it.

Minister of State for Power, Hajiya Zainab Ibrahim Kuchi, who spoke at the signing of the contract in Abuja, said, the project, which is valued at N162. 9 billion, would be completed in 48 months and that on completion, the Bureau for Public Enterprises (BPE) would be invited to privatize the plant like other utilities in the power sector.

The ministry assured that it would immediately release the sum of $309 million representing 25 per cent of government’s counterpart funding for the project while the Exim Bank of China is to provide the remaining 75 per cent of the contract sum.

The eventual managers of the plant are expected to generate sufficient revenue for repayment of the loan when the plant generation takes off.

$4bn Refinery Deal: NNPC Disowns MoU

Facts has emerged that the Nigerian National Petroleum Corporation (NNPC) was not a party to the Memorandum of Understanding (MoU) signed recently with a United States firm, Vulcan Petroleum Resources Limited and an indigenous company, Petroleum Refining and Strategic Reserve Limited, for the construction of six modular refineries in Nigeria.

 A highly placed NNPC source said that the NNPC’s top management was consulted by the Trade Ministry in respect of the refinery deal. He said the corporation had no hand in the project and is currently not in partnership with either the trade ministry, US firm or the Nigerian company in respect of the said modular refinery project.

Announcing the $4.5 billion refinery project last month, Minister of Trade and Investment, Olusegun Aganga had stated that the six refineries, which will have a combined capacity of refining 180,000 barrels of oil per day would be built in collaboration with the NNPC. Aganga, who signed on behalf of the Federal Government, had stated that two of the refineries would be completed within the next 12 months, while the others will be completed within the short to medium-term.

The minister had also noted that the refineries would be located in areas where there are crude oil pipelines, adding that when completed, each modular plants will refine up to 30,000 barrels of crude oil per day and produce up to five million litres of petrol, diesel and kerosene.

http://www.thisdaylive.com/articles/nnpc-disowns-mou-on-4bn-refinery-deal/123385/ 

NNPC sign MoU with Genesis Electricity on Power Supply to Refinery

Nigerian National Petroleum Corporation (NNPC) has signed a Memorandum of Understanding (MoU) with Genesis Electricity Limited to bolster power supply to one of its refineries, the Port Harcourt Refining Company (PHRC) in order to strengthen its production capacity.

According to a statement from the acting Group General Manager, Public Affairs of the Corporation, Mr. Fidel Pepple, the Group Managing Director of NNPC, Mr. Andrew Yakubu, was quoted to have said at the signing ceremony that the MoU would give PHRC a new lease of life and curb unstable power supply to the facility. While applauding the Federal Government for its commitment in addressing the power situation in PHRC, Yakubu assured government of its readiness to meet the ambitious target given to the corporation in the petroleum sector.

Yakubu expressed optimism that such new model with the company would help the Corporation re-evaluate how to address power and utility challenges to the oil installations of the NNPC. According to him: “We hope that this arrangement will be a win-win situation and it will be a test case that will add value to our installations.” On his own part, the Chief Executive Officer (CEO) of Genesis Electricity Ltd, Mr. Akinwole Omoboriowo, assured the management of the NNPC of its preparedness to deploy the best power technology in the world to PHRC and provide qualitative electric power supply to the plant.