CHINA APPROVES LOAN FOR 85% OF $2.6BN AKK GAS PIPELINE PROJECT

Written by on December 16, 2020

THE PEOPLE’S REPUBLIC OF CHINA HAS ENDORSED 85% OF THE CREDIT NEEDED TO FINANCE THE AJAOKUTA-KADUNA-KANO (AKK) GAS PIPELINE PROJECT AND WILL DISBURSE THE FUND  SOON, MINISTER OF FINANCE, BUDGET AND NATIONAL PLANNING ZAINAB AHMED HAS DISCLOSED.

AHMED MADE THE DISCLOSURE DURING AN INSPECTION OF THE AKK PROJECT IN AJAOKUTA, KOGI STATE, ACCOMPANIED BY MELE KYARI, THE GROUP MANAGING DIRECTOR OF THE NIGERIAN NATIONAL PETROLEUM CORPORATION (NNPC).

THE 614-KILOMETRE GAS PIPELINE PROJECT WILL BE 85% FUNDED BY CHINA AND SINOSURE, A CHINESE EXPORT AND CREDIT INSURANCE FIRM THROUGH COUNTERPART FUNDING, WHILE THE NIGERIAN GOVERNMENT, THROUGH THE NNPC, WILL PROVIDE THE BALANCE OF 15%. BRENTEX/CHINA PETROLEUM PIPELINE BUREAU-CPP CONSORTIA AND OILSERVE/CHINA FIRST HIGHWAY ENGINEERING COMPANY-CFHEC CONSORTIA HAVE BEEN ANNOUNCED AS THE ENGINEERING PROCUREMENT AND CONSTRUCTION CONTRACTORS FOR THE AKK PROJECT.


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