The investment is coming exactly two years after the Group Managing Director of NNPC, Mele Kyari, assumed office at the state oil firm.
There was also a $10 billion investment for the NLNG train seven, which is expected to create 12,000 direct while N875.75m NPDC OML 65 Alternative Funding and Technical Services package with CMES-OMS Petroleum Development Company came on stream. The resolution of the dispute involving Shell and Belema Oil is expected to unlock over 30,000barrels per day production in OML 25 while the Abo OML 125 Heads of Terms resolution reported resolved issues affecting most deep offshore Production Sharing Contracts.
While the operational model for the refineries post-rehabilitation is expected to take place with the call for bids for the Operations and Maintenance Contract for the refineries, Kyari had stated that the EPC contracting for Kaduna and Warri refineries has progressed to an advanced stage with a certificate of no objection secured from BPP on the award of the contract.
He however insisted that it remained unacceptable for the corporation to remain a loss-making entity, adding that there was a need for the corporation to ensure profitability under the current administration.