The Group Managing Director, Nigerian National Petroleum Corporation, Maikanti Baru said corporation has signed three billion dollar deal to boost development in the sector.
Baru disclosed this while speaking on investment in the Oil and Gas Industry at the ongoing OPEC International meeting in Vienna, Austria.
He said its a third party financing deal with international banks adding that oil revenue is key for building the nation’s economy.
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He further stated that to encourage existing players in the industry such as the traditional Joint Venture partners, the corporation had settle all outstanding cash call arrears amounting to 5 billion dollars.
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