The Nigerian National Petroleum Corporation,
yesterday, stated that France, through the
French Development Agency, has set aside
one billion euros to be invested in the Nigerian
Oil and Gas industry.
According to a statement by the NNPC,
France Ambassador to Nigeria, His Excellency,
Denys Gauer, made this known when the
Group General Manager, Group Public Affairs
Division of the NNPC, Mr. Ndu Ughamadu, led
a delegation to his office in Abuja.
Gauer stated that the fund was aimed at
encouraging French investors to invest in the
Nigeria Oil and Gas sector, especially in the
light of the fact that Nigeria remains her first
economic trading partner in Africa.
He also stated that in spite of the concerns
expressed by some French companies who
were having challenges with the unclear
Nigeria’s fiscal policies in the Oil and Gas
sector, some other French investors were
currently developing wind energy and solar
energy in Katsina State.
The French Ambassador commended the
Federal Government for stemming the Niger
Delta insecurity situation, noting that Total, a
French multinational oil and gas company, had
significant investment equity in the Nigeria
Liquefied Natural Gas Limited (NLNG) and
Egina project.
He added that the French government is also
cooperating with the Federal Government in
the fight against Boko Haram insurgency.
In his own remarks, Ughamadu, said the
NNPC, under the current management led by
the Group Managing Director, Mr. Maikanti
Baru, was well positioned and open to
investment opportunities from the French
Government and investors.
He noted that with the significant scale down
in pipeline vandalism and insecurity which has
boosted oil production, global investors such
as the French Government can now invest in
renewable energy, gas and power
infrastructural development, pipeline
construction, storage facility and the direct
sales and direct purchase of Nigeria crude oil
grades.
He said the NNPC as the state owned oil and
gas Corporation had global operations and
called for closer collaboration between the
French Government and the Corporation
especially in the area of consular services in
order to enable NNPC top executives and staff
meet their global engagements.
He thanked the Ambassador for the warm
reception accorded the NNPC delegation and
assured him that with the leadership of the
new NNPC management, the corporation was
determined to develop a robust business
atmosphere for investors.
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