Senate Invites Petroleum Minister Over Chinese, Indian Deals

Ibe-Kachikwu
Minister of State for Petroleum Resources, Ibe Kachikwu at a meeting with Chinese investors in June

Minister of State for Petroleum Resources, Ibe Kachikwu, has been summoned by the Senate to explain the details of the deals which the minister claimed was entered into between Nigerian and Chinese governments on the one hand, and the Indian government on the other.

Earlier in June, the petroleum minister announced that the Nigerian National Petroleum Corporation, NNPC, was holding a road show in Beijing China, aimed at attracting Chinese investors into the Nigerian oil and gas sector.

He said that during the road show, Nigeria succeeded in signing Memorandums of Understanding with some Chinese companies worth up to $80 billion.

Kachikwu, told journalists that the MoUs were in the area of “new investments, spanning five years, in the oil and gas industry covering pipelines, refineries, gas and power, facility refurbishments and upstream financing.”

In a related development, a statement issued in October by the Director of Press in the Petroleum Ministry, quoted the petroleum minister as saying that Nigeria was about to sign an agreement with India which would see the country make an advance payment of $15 billion to Nigeria for crude purchases.




     

     

    However, following a motion moved by Clifford Ordia, the senate agreed that Kachikwu be invited to appear before the senate committees on Petroleum, Gas and Foreign Affairs, to throw more light on the details of the agreements.

    Senate President, Bukola Saraki commended the Petroleum minister for his efforts to bring investments into the country, adding, however, that such should be done with utmost transparency.

    He said: “It is important that matters like this that have to deal with crude oil processing is brought before National Assembly to ensure transparency.

    “We must also appreciate the efforts of the Minister for coming up with it as it will go a long way to boost our economy and technology but again we must ensure that it is transparent by making us understand the roles clearly.”

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