Federal government releases initial funds for Nigeria, Morocco $25-billion pipeline deal amidst rising oil prices


THUR, SEPTEMBER 7 2017-theG&BJournal-The federal government has released the initial funds to cover feasibility studies for the $25 billion Morocco/Nigeria gas pipeline expected to span 15 countries. The funds are to advance the construction of a coastal pipeline that would transport gas from Escravos to Morocco.

According to Ndu Ughamadu, the Group GM Public Affairs of Nigerian National Petroleum Corporation (NNPC), the funds for the initial studies have already been released.

The pipeline feasibility studies are a result of a strategic partnership agreement signed in December between Nigerian President Muhammadu Buhari and Moroccan King Mohammed VI.

Nigeria’s foreign affairs minister, Geoffrey Oyema, said at the signing of the 4,000 km $25-billion pipeline deal last December, that the project is aimed at creating a competitive regional electricity market with the potential to be connected to the European energy markets.

Meanwhile, oil prices headed towards a four-week high Wednesday as rising demand drove price of the OPEC   basket of fourteen crudes to end the day at $51.88 a barrel on Wednesday, compared with $50.82 the previous day.

DCSL 90X780