Baru woos foreign Investors for NNPC Mega Projects

The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru has called on foreign investors to partner with the Corporation in its multi-billion dollar projects expected to come up in the New Year.

Dr. Baru, who made the call in London at the conferment of the Forbes Award on him, said the Corporation would be involved in a number of projects which would require international collaboration.

“Our programme for 2018 is very aggressive and will require cooperation from the international community in supporting our activities through technical and financial collaboration,” Dr. Baru stated.

The GMD who had departed the UK, listed some of the mega projects that would be launched in the coming year to include: Bonga SW/Aparo; Zaba-zaba; Bosi; the 7 critical gas projects and gas pipelines; NLNG Train 7 plus expansion; possible divestment of Government Equity in JV and development of modular refineries amongst others.

He added: “Today, the confidence of investors is being restored, thanks to good governance provided by the administration of President Muhammadu Buhari. I therefore call on you all to utilize this golden opportunity made possible by our supportive President.”

Dr. Baru averred that international collaboration between the NNPC and its partners was fast yielding results, adding that within the last three (3) years, NNPC had secured about $3.7bn alternative financing agreements aimed at sustaining and increasing the national daily production and producibility.

He said the alternative financing approach had yielded positive results and helped to renew investors’ confidence resulting in a boost in Foreign Direct Investments in Nigeria.

Dr. Baru observed that the financing arrangement had also deepen the participation of local banks in funding the Upstream Sector as it the funds were syndicated from both local and International banks as well as lenders.

He commended the local and international lenders and the Joint Venture partners for their continued faith in Nigeria and their support towards providing the funding.

Thanking Forbes for the 2017 Africa Oil & Gas Man of the Year Award conferred on him, Baru described the recognition as not only special to him, but to all Nigerians.

“This award is so special to me. It is an award to Nigeria which fills me with immense national pride. It also reinforces the long-established and far-reaching impact of the NNPC in national, regional and global economic growth and stability,” he added.

While conferring the award on the GMD, a representative of Forbes, Mr. Mark Furlong, said his institution was celebrating an embodiment of hardwork, integrity and intelligence who was making giant strides in Nigeria’s oil and gas industry and beyond.

“Dr. Baru is admired and celebrated nationwide and internationally. He is a credible and courageous man with high moral virtue. His broad knowledge and positive leadership style are worthy of emulation,” Furlong added.

In a related development, the NNPC, last week, consolidated on its tradition of openness with the public harvesting and opening of 577 bids submitted by firms seeking to secure the insurance renewal contract for the Corporation’s oil and non-oil assets.

Speaking at the event, NNPC Group General Manager, Risk Management and Insurance, Mr. Modupe Bameke stated that apart from being a requirement of the Bureau of Public Procurement (BPP), the public opening of bids has become part of the Corporation’s tradition aimed at promoting transparency.

“The essence of this public bid opening is to ensure that the Corporation complies strictly with the provisions of the Bureau of Public Procurement Act (BPP). All the bids will be opened in the presence of everybody to ensure that all entries are properly captured in line with the transparency principle of the NNPC,” Mr. Bameke said.

Shedding more light on the process, the Group General Manager, Supply Chain Management, Mr. Shehu Liman, informed that the public opening bids measure was aimed at providing a level playing field for all bidding companies.

“The idea is to select broking and insurance companies that are credible and capable with track records of performance. What this means is that we are going to eliminate all those transactions that are not necessary,” Mr. Liman stated.

The breakdown of bidders shows that 245 brokers tendered for oil assets, 251 brokers tendered for non-oil assets while 37 insurance companies tendered for oil assets and 44 tendered for non-oil assets.



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