NNPC close to wrapping up funding for AKK project
The Nigerian National Petroleum Corporation, NNPC, has said it is close to wrapping up funding arrangements for the Ajaokuta-Kaduna-Kano, AKK, gas pipeline project.
Group Managing Director of NNPC, Dr. Maikanti Baru, disclosed this while speaking at the 30th edition of Gas Technology Conference in Barcelona, Spain, according to a statement by the Group General Manager, Group Public Affairs Division, NNPC, Mr. Ndu Ughamadu
Baru explained that tremendous progress was recorded towards securing funding for the project during the last visit of President Muhammadu Buhari to Beijing, China.
Represented by NNPC Chief Operating Officer, Gas, and Power, Engr. Saidu Mohammed, revealed that the corporation had gone far in negotiating the terms of funding as well as the best payback structure for the project.
According to him, the financial partners were willing to collaborate with the corporation on the matter.
“The AKK gas pipeline is designed to enable gas connectivity between the East, West, and North, which is currently inadequate.
“It would also enable gas supply and utilization to key commercial centres in the Northern corridor of Nigeria with the attendant positive spin-off on power generation and industrial growth,” the statement said.