Nigeria signs oil finance deal with Shell
Published May 27th, 2008
Nigeria’s state-run oil giant NNPC on Monday signed an oil-financing deal worth 3.1 billion dollars (two billion euros) with Royal Dutch Shell, an official statement said.
The Nigerian National Petroleum Corporation (NNPC) said that the money will be used to finance their upstream joint-venture projects.
The deal stipulates that Shell Development Petroleum Corporation (SDPC) will finance NNPC to the tune of 1.3 billion dollars to cover a shortfall in the Nigerian government’s 2008 equity contributions.
The deals also provides for a “bridge loan” of 1.8 billion dollars to finance NNPC’s outstanding payments for 2006/07 joint-venture cash calls.
Related Articles
