CHEVRON Nigeria Limited, operator of the Nigerian National Petroleum Corporation/Chevron Joint Venture, has officially confirmed its withdrawal from the Olokola Liquefied Natural Gas project.
Mr. Deji Haastrup, who is the General Manager, Policy, Government and Public Affairs, Chevron Nigeria, said in a statement yesterday that the withdrawal from the project took effect from July 31 2013, although there had been speculations that the company might pull out of the Olokola LNG project but no official confirmation was forthcoming until now.
The Federal Government on Tuesday signed ₦78bn ($500m) Memorandum of Understanding with the Xian Electric Engineering Company Limited of China for the execution of transmission projects in the power sector.
The Minister of Power, Prof. Chinedu Nebo, said the loan was negotiated by the Minister of Finance, Dr. Ngozi Okonjo-Iweala when President Goodluck Jonathan visited China recently. The ₦78billion, a loan obtained from the China Exim Bank, will be used for the construction of power transmission infrastructure across the country.