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NNPC spends N21.47 bln on oil search, refineries rehabilitation, gas pipeline projects in Jan

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The country’s owned oil firm, Nigerian National Petroleum Corporation (NNPC) said a total of N21.47 billion was committed to the rehabilitation of the nation’s four refineries, the Nigeria-Morocco gas pipeline and oil search in the frontier basins, among others in January 2021.

The NNPC, through its subsidiary the National Petroleum Investment Management Services (NAPIMS) made this known in its February 2020 presentation to the Federation Account Allocation Committee (FAAC).

NAPIMS disclosed that the National Domestic Gas Devt.; Gas Infrastructure Development; Renewable Energy Development; Crude Oil Pre-Export Inspection Agency Expenses and pre-export financing as some other projects funded during the period.

A breakdown of the spent showed that rehabilitation of the refineries gulped N8.33 billion; pre-export financing received N5 billion; National Domestic Gas Devt. – N3.17 billion; and Gas Infrastructure Devt.- N2.39 billion.

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The Frontier Exploration Services, which also involves the search for hydrocarbons in inland basins, especially in the north, received N1.96 billion funding from NAPIMS; Crude Oil Pre-Export Inspection Agency Expenses and pre-export financing, received N402.69 million; Renewable Energy Development financing gulped N119.83 million while N83.33 million financing was provided for the Nigeria-Morocco pipeline.

In December, NAPIMS had disclosed that it spent a total of N20.23 billion on these projects, with N8.33 billion spent on the rehabilitation of the country’s refineries; N4.19 billion and N3.17 billion spent on National Domestic Gas Devt.; Gas Infrastructure Devt. respectively; while N2.47 billion and N2.08 billion were spent on pre-export financing and Frontier Exploration Services respectively.

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