The
Nigerian Senate has summoned the Minister of State for Petroleum
Resources, Ibe Kachikwu over his claims of multi-billion dollars oil and
gas deals with India and Chinese firms.
Minister of State for Petroleum Resources, Ibe Kachikwu
The Senate on Tuesday, said it will probe into Nigeria’s recent oil
deal with India, which worths over $80bn and another with China worth
$15bn, with an additional $20bn deal with China’s two biggest petroleum
companies.
The upper chamber of the National Assembly has therefore mandated
its Committees on Petroleum (Upstream), Petroleum (Downstream),
Petroleum (Gas) and Foreign Affairs to summon the Minister of State for
Petroleum Resources, Mr. Ibe Kachikwu, to explain the details of the
deals.
The move was made following a motion moved by the lawmaker
representing Edo-Central Senatorial District, Senator Clifford Ordia,
titled, ‘The Need for a Detailed Explanation of the $15bn Proposed
MoU with Indian Government and Over $80bn MoU Signed by Minister of
State for Petroleum Resources with Chinese Firms.’
“The Senate observes that outside these (MoU for $80bn
investments), the two largest oil companies in China, Sinopec and CNOOC,
signed investment MoUs with the Minister of State for Petroleum
Resources, committing the companies to further investments in Nigeria’s
upstream oil sub-sector to the tune of $20bn,” Ordia said while moving the
motion.
The senator said the Senate was aware that the Minister of State
for Petroleum negotiated a $15bn investment with India, where the Indian
government would make an upfront payment to Nigeria for crude oil
purchases.
He said, “The Senate is further aware that the two countries
have agreed to sign an Memorandum of Understanding to facilitate
investments by India in the Nigerian oil and gas sector, and
specifically in areas such as refining, oil and gas marketing, upstream
ventures, the development of gas infrastructure and in the training of
oil and gas personnel in Nigeria.
“The Senate notes that the Minister of State for Petroleum
Resources also carried out a road show in China, where a Memorandum of
Understanding worth over $80bn to be spent on investments in oil and gas
infrastructure, pipelines, refineries, power, facility refurbishments
and upstream financing spanning five years were signed with Chinese
companies.”
Source: The Punch
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