Monday 5 September 2016

OIL MINISTRY FRETS AS $7.4BN SHELL, OTHERS’ JV LOANS GO BAD

kachikwuThe Federal Ministry of Petroleum Resources is at crossroads as the $7.4 billion cash call debts to Joint Ventures (JV) with Shell, Chevron, ExxonMobil and other international oil companies (IOCs) go bad. The recession facing the country, according to a document of the ministry seen by New Telegraph, will, if not stemmed, raise the cash call debts to $27 billion in the next 10 years.

Cash call is the counterpart funding the Federal Government pays yearly through the Nigerian National Petroleum Corporation (NNPC) for the 60 per cent equity shareholding it owns in various oil and gas fields operated by IOCs and indigenous oil firms (independents).

Read more @ New Telegraph

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