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China To Provide 85% Funding For $2.8 Billion AKK Gas Pipeline Project - Business - Nairaland

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China To Provide 85% Funding For $2.8 Billion AKK Gas Pipeline Project by naptu2: 4:55am On Sep 04, 2018
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

3 Likes

Re: China To Provide 85% Funding For $2.8 Billion AKK Gas Pipeline Project by nony43(m): 7:00am On Sep 04, 2018
The poster below me is on codeine diet

7 Likes 1 Share

Re: China To Provide 85% Funding For $2.8 Billion AKK Gas Pipeline Project by blackpanda: 7:01am On Sep 04, 2018
God bless Buhari



Pmb till eternity!!!

29 Likes 2 Shares

Re: China To Provide 85% Funding For $2.8 Billion AKK Gas Pipeline Project by donvicky2007: 7:01am On Sep 04, 2018
Good development

7 Likes 1 Share

Re: China To Provide 85% Funding For $2.8 Billion AKK Gas Pipeline Project by Edunwa302(m): 7:01am On Sep 04, 2018
Pipe line ke

1 Like

Re: China To Provide 85% Funding For $2.8 Billion AKK Gas Pipeline Project by Toosure70: 7:01am On Sep 04, 2018
Till then.
Re: China To Provide 85% Funding For $2.8 Billion AKK Gas Pipeline Project by lazinny(m): 7:02am On Sep 04, 2018
China slowly entrapping African countries.

Why is Africa so naive. cry

26 Likes 2 Shares

Re: China To Provide 85% Funding For $2.8 Billion AKK Gas Pipeline Project by softmind24: 7:02am On Sep 04, 2018
angry
Re: China To Provide 85% Funding For $2.8 Billion AKK Gas Pipeline Project by mknigeriagreat: 7:03am On Sep 04, 2018
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.

13 Likes 1 Share

Re: China To Provide 85% Funding For $2.8 Billion AKK Gas Pipeline Project by Jorge22(m): 7:03am On Sep 04, 2018
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/
Re: China To Provide 85% Funding For $2.8 Billion AKK Gas Pipeline Project by SEONaijaExpert: 7:04am On Sep 04, 2018
It's working! The benefits of this trip to Nigeria would be enormous.

2 Likes

Re: China To Provide 85% Funding For $2.8 Billion AKK Gas Pipeline Project by dalongjnr: 7:04am On Sep 04, 2018
I hope it will be beneficial to all in the country. nice initiative. it's well, despite all the challenges the country is facing.

3 Likes

Re: China To Provide 85% Funding For $2.8 Billion AKK Gas Pipeline Project by revolt(m): 7:04am On Sep 04, 2018
China really wants to buy this nation.

2 Likes 1 Share

Re: China To Provide 85% Funding For $2.8 Billion AKK Gas Pipeline Project by ekojoe(m): 7:04am On Sep 04, 2018
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?

10 Likes 2 Shares

Re: China To Provide 85% Funding For $2.8 Billion AKK Gas Pipeline Project by frowland(m): 7:05am On Sep 04, 2018
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.
Re: China To Provide 85% Funding For $2.8 Billion AKK Gas Pipeline Project by brainhgeek(m): 7:06am On Sep 04, 2018
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

6 Likes

Re: China To Provide 85% Funding For $2.8 Billion AKK Gas Pipeline Project by Wearemoving: 7:07am On Sep 04, 2018
nony43:
B

Niger-Delta Oil to a Dry zone in the North

10 Likes 1 Share

Re: China To Provide 85% Funding For $2.8 Billion AKK Gas Pipeline Project by Legacy001: 7:07am On Sep 04, 2018
I hope there are no negative terms attached if not it's welcomed.
Re: China To Provide 85% Funding For $2.8 Billion AKK Gas Pipeline Project by naijapips04: 7:08am On Sep 04, 2018
This people went to china to sell Nigeria to the chinese.

7 Likes 1 Share

Re: China To Provide 85% Funding For $2.8 Billion AKK Gas Pipeline Project by pointstores(m): 7:09am On Sep 04, 2018
Our leaders always begging

7 Likes

Re: China To Provide 85% Funding For $2.8 Billion AKK Gas Pipeline Project by kenodrill: 7:09am On Sep 04, 2018
Awesome development by our amiable president....




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

2 Likes

Re: China To Provide 85% Funding For $2.8 Billion AKK Gas Pipeline Project by cronsberg: 7:16am On Sep 04, 2018
Northern industrialization in full swing. Ipob wailers, keep wailing u hear?
Re: China To Provide 85% Funding For $2.8 Billion AKK Gas Pipeline Project by overall90: 7:16am On Sep 04, 2018
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.

10 Likes

Re: China To Provide 85% Funding For $2.8 Billion AKK Gas Pipeline Project by ednut1(m): 7:17am On Sep 04, 2018
lazinny:
China slowly entrapping African countries.

Why is Africa so naive. cry
we even need to outsource governance to china. Africans govt have shown they lack leadership skills.

2 Likes

Re: China To Provide 85% Funding For $2.8 Billion AKK Gas Pipeline Project by ogbonnajose(m): 7:19am On Sep 04, 2018
AKK. ...Ajaokuta-Kaduna-Kano gas pipeline
Please where will the gas come from?

Niger Delta abi?
Chai

3 Likes

Re: China To Provide 85% Funding For $2.8 Billion AKK Gas Pipeline Project by maishai: 7:20am On Sep 04, 2018
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....

7 Likes

Re: China To Provide 85% Funding For $2.8 Billion AKK Gas Pipeline Project by Nobody: 7:27am On Sep 04, 2018
This same China has made unfulfilled promises during buhari's visit few years back.
Re: China To Provide 85% Funding For $2.8 Billion AKK Gas Pipeline Project by Basseybruce: 7:28am On Sep 04, 2018
Africa and Federal government should be very careful with China.... My humble piece.

4 Likes

Re: China To Provide 85% Funding For $2.8 Billion AKK Gas Pipeline Project by Nobody: 7:29am On Sep 04, 2018
Buhari is selling Nigeria to international lenders.

1 Like

Re: China To Provide 85% Funding For $2.8 Billion AKK Gas Pipeline Project by MyVILLAGEpeople(m): 7:34am On Sep 04, 2018
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

1 Like

Re: China To Provide 85% Funding For $2.8 Billion AKK Gas Pipeline Project by Ezyp(m): 7:34am On Sep 04, 2018
lazinny:
China slowly entrapping African countries.

Why is Africa so naive. cry
They are gradually holding us by the balls.

4 Likes

Re: China To Provide 85% Funding For $2.8 Billion AKK Gas Pipeline Project by oyepaulkay(m): 7:35am On Sep 04, 2018
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?

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