President Buhari is in China with a large delegation of ministers, governors and heads of parastatals to attend the Forum Of China-Africa Cooperation #FOCAC2018. While the president attends the main summit, the ministers and governors have been negotiating deals and agreements on behalf of their states and ministries on the sidelines of the summit.

China restates commitment to provide 85% funding for $2.8 billion AKK gas pipeline project

By Adeyemi Adesanya-Daniel - September 3, 2018


The Nigerian National Petroleum Corporation (NNPC) has been assured by China National Petroleum Corporation (CNPC) that it is committed to helping it secure up to 85 per cent of $2.8 billion it requires to build the Ajaokuta-Kaduna-Kano (AKK) pipeline project, a statement from the corporation on Monday disclosed.

The statement which was signed by the Group General Manager, Public Affairs of the NNPC, Mr. Ndu Ughamadu, and sent to THISDAY in Abuja, explained that the Group Managing Director of NNPC, Dr. Maikanti Baru, got the assurance from CNPC during a high-level meeting between both corporations.

It stated the meeting was held on the sidelines of the ongoing Forum on China-Africa Cooperation (FOCAC) Summit in Beijing, China.

According to it, the AKK gas pipeline would enable connectivity between the East, West and North that is currently non-existent. It would also enable gas supply and utilisation to key commercial centres in the northern corridor of Nigeria with the attendant positive spin-off on power generation and industrial growth.

The statement also added that financing for the 40-inch by 614 kilometres (km)AKK gas pipeline is expected to cost about $2.8 billion, and 85 per cent of the money is expected to be funded by the financiers which include Industrial and Commercial Bank of China (ICBC), Bank of China, and Infrastructure Bank of China with Sinosure, China’s Export Credit Agency (ECA), providing insurance cover, while the remaining 15per cent will be provided by the contractors which include Oilserve/Oando consortium, as well as Brentex/China Petroleum Pipeline (CPP) Bureau consortium.

It quoted the Assistant President and Board Member of the CNPC, Mr. Wang Shihong, to have said his compnay placed a very high premium on the AKK project.

“We are in full support of Nigeria’s quest to deliver the AKK project. We are working relentlessly towards securing funding for the project based on regulations and policies of Chinese financial institutions,” Shihong stated in the statement.

Shihong, also said that the CNPC cherished its relationship with the NNPC, and pledged to fully support his company’s subsidiary, CPP Bureau, partner in the AKK project, to ensure success of the initiative.

It added that Baru in his response, stated that the AKK project was dear to Nigeria, and that while at the FOCAC Summit, President Muhammadu Buhari reiterated the potentials of the project to strengthen Nigeria-China relations.

He explained the NNPC was looking forward to a successful close-out of the project’s financing towards official groundbreaking ceremony in October, this year.

“We want to maximise the construction work before the end of the year. We are hoping for the quick resolution of the financing agreements so that we will kick-start the project in October, when the dry season begins,” Baru said.

https://www.today.ng/business/energy/china-restates-commitment-provide-85-funding-2-8-billion-akk-gas-pipeine-project-149454/amp?__twitter_impression=true

The poster below me is on codeine diet

God bless Buhari



Pmb till eternity!!!

Good development

Pipe line ke

Till then.

China slowly entrapping African countries.

Why is Africa so naive.

Small small o as regards all these deals with China. We shouldn't just trust them 100% but they have been handful and helpful of recent although all na business and for profits. May God keep helping this administration. I have a feeling we are getting there. Things will change for good for us all in this country by God's grace. Our days of mourning will soon turn into days of joy, laughter and celebrations.

American rappers won't kill us on. Eminem Don meet his match lol. Eminem say him be rap God

http://dquartz.com/machine-gun-kelly-on-eminem-new-diss-song-fck-rap-god-im-the-rap-devil/

It's working! The benefits of this trip to Nigeria would be enormous.

I hope it will be beneficial to all in the country. nice initiative. it's well, despite all the challenges the country is facing.

China really wants to buy this nation.

Please anyone who is knowledgeable about this development kindly educate me.

What is the purpose of laying a gas pipeline to kaduna, Kano?

For gas turbines?

Good development but make sure its build along peaceful areas and not where some blokes will blow things up when events don't go their way.

These pipu no dey hear word. No dey give grant and loans to Nigeria again. We are rich enough to help ourself. Stop enriching the pockets of thieves.
I will start the movement #stopgrantsandloanstonigeria #wearerichenough #stopenrichingthieves #stopsponsoringembesslement

nony43:
B

Niger-Delta Oil to a Dry zone in the North

I hope there are no negative terms attached if not it's welcomed.

This people went to china to sell Nigeria to the chinese.

Our leaders always begging

Awesome development by our amiable president....




Am so optimistic that with your leadership Nigeria will be great!

Northern industrialization in full swing. Ipob wailers, keep wailing u hear?

cronsberg:
Northern industrialization in full swing. Ipob wailers, keep wailing u hear?

I see.

I hope when they start bursting the pipes,you will not turn to environmental minister.

lazinny:
China slowly entrapping African countries.

Why is Africa so naive.

we even need to outsource governance to china. Africans govt have shown they lack leadership skills.

AKK. ...Ajaokuta-Kaduna-Kano gas pipeline
Please where will the gas come from?

Niger Delta abi?
Chai

Why should we be happy for someone else to soonsor 85% funding of a major project....when the project start yeilding profit, guess who the profit goes to, NLNG comes to mind.....Later we will start complaining of how forwigners take us for granted on home soil....

This same China has made unfulfilled promises during buhari's visit few years back.

Africa and Federal government should be very careful with China.... My humble piece.

Buhari is selling Nigeria to international lenders.

nony43:
The poster below me is on codeine diet

Lol
that one is more than codeine diet. He is on Buhari cow dung diet.. looolzz

lazinny:
China slowly entrapping African countries.

Why is Africa so naive.

They are gradually holding us by the balls.

naptu2:
President Buhari is in China with a large delegation of ministers, governors and heads of parastatals to attend the Forum Of China-Africa Cooperation #FOCAC2018. While the president attends the main summit, the ministers and governors have been negotiating deals and agreements on behalf of their states and ministries on the sidelines of the summit.




https://www.today.ng/business/energy/china-restates-commitment-provide-85-funding-2-8-billion-akk-gas-pipeine-project-149454/amp?__twitter_impression=true

My worries is, why would china fund 85% funding?

Ulterior motives? Modern day slavery continues?