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Senate summons Kachukwu over $115b oil deal with China, India [update]

Senate has summoned Minister of State for Petroleum Resources, Ibe Kachukwu to give explanation on signing of $95 billion Memorandum Of understanding (MOU) involving Indian government and Chinese firms.

‎The Minister is expected to shed more light on anticipated impact of MOU on the Nigerian economy before the Joint Committees on Petroleum Upstream, Gas and Foreign. ‎

‎The motion titled: The need for a detailed explanation of the $15 billion proposed MOU with Indian government and over $80 billion MOU signed by Minister of State for Petroleum Resources with Chinese Firms.

Senate resolution followed a motion sponsored by Senator Clifford Ordia who informed the lawmaker‎ that these MOUS, 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 investment in Nigeria’s Upstream Oil Sub-sector to the tune of $20 billion.

He said,” The Minister of State for Petroleum negotiated a $15 billion investment with India where the Indian government would make an upfront payment for Crude Oil Purchase.

“The two countries have agreed to sign an (MoU) to facilitate investment by India in the Nigerian Oil and Gas sector and specifically in area such as Refining, Refining, and Gas Marketing, Upstream Ventures, Ventures, development of gas infrastructure and in the training of oil and gas personnel in Nigeria.

“Some of the Chinese companies involved in the MOU include China North Industries Corporation (NORINCO Group), China Cinda Asset Management Company Limited (CINDA), China national offshore oil Corporation (CNOOC), China petroleum and Chemical Corporation/Addx Petroleum (SINOPEC/ADDAX), and international chamber of commerce/china’s National Development and Reform Commission( ICC-NDRC).”

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