NNPC, Afreximbank to partner on refineries rehabilitation, downstream infrastructure financing

By Etuka Sunday

The Nigerian National Petroleum Corporation (NNPC) has expressed readiness to collaborate with the African Export and Import Bank (AFREXIMBANK) or any financial institution willing to finance its critical projects, especially refineries rehabilitation, Downstream infrastructure, including pipelines.
The Group Managing Director of the Corporation, Mallam Melle Kyari, stated this when he played host to the Executive Vice President of AFREXIMBANK, Mr. Amr Kamel, and other top officials of the bank who paid him a business visit at the NNPC Towers, Abuja.
A release by the NNPC Acting Group General Manager, Group Public Affairs Division, Mr. Samson Makoji stated that speaking in response to the AFREXIMBANK boss’ desire to participate in the Nigerian Oil and Gas Industry, Mallam Kyari said the corporation was open to financial and technical partnership with reputable financial institutions like the AFRIXIMBANK to develop the Industry.
“We have a number of financing needs, it depends on how much you are bringing to the table. We need support particularly in refineries rehabilitation, depot optimization and pipelines financing”, the GMD stated.
He assured the team of his readiness to work with the bank, adding: “We will provide you with basic information. We are ready to talk to you”.
Speaking earlier, Amr Kamel said he was in NNPC to congratulate the GMD and his management team on behalf of the board and management of the bank.
He said the bank’s management team thought it imperative to interact with NNPC, being a key player in one of the most viable sectors of the Nigerian economy which is the largest in Africa, with a view to seeking collaboration on ways to further grow the oil and gas sector.
Apart from financing of refineries rehabilitation and other Downstream projects, the AFREXIMBANK boss expressed interest in participating in some other projects such as the Ajaokuta-Kaduna- Kano (AKK) pipeline system.