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France to invest one billion Euros in Nigeria’s oil and gas industry

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The French Government said that it has set aside about one billion Euros to be invested in the Nigerian oil and gas industry

France Ambassador to Nigeria, Mr. Denys Gauer, made this known in a statement signed by Mr. Ndu Ughamadu, NNPC Group General Manager, Group Public Affairs division, on Tuesday in Abuja

He said that Nigeria remained her first economic trading partner in Africa.

Gauer said: “The French Development Agency has put in place about one billion Euros to encourage French investors to invest in the Nigerian oil and gas sector,

“The French government is also cooperating with the Federal Government in the fight against Boko Haram insurgency,” he said.

The 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 however, expressed concern that some other French companies were having challenges with the unclear Nigeria’s fiscal policies in the Oil and Gas sector.

According to him, some French investors are currently developing wind energy and solar energy in Katsina State.

Earlier, Ughamadu who led the delegation to Gauer said the Corporation under the current management led by the Group Managing Director, Dr. Maikanti Baru, was well positioned and open to investment opportunities from its Government and investors.

He noted that with the significant scale down in pipeline vandalism and insecurity which had boosted oil production, global investors such as the French Government can invest in renewable energy, gas and power infrastructural development

“Also, they can invest in pipeline construction, storage facility and the direct sales and direct purchase of Nigeria crude oil grades,’’ he said.

He added that 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 meets their global engagements.

Ughamadu 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.

@NAN

 


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