Baru outlines over $8bn ongoing NNPC financing deals

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Maikanti Baru.Outgoing Group Managing Director of NNPC.

The Group Managing Director of the Nigerian National Petroleum Corporation, Maikanti Baru, on Tuesday, reeled out the over $8bn worth of deals currently being handled and pursued by the NNPC since the beginning of 2019, as he faces retirement in a couple of days.

Baru is due for retirement on July 7 this year, as he would have attained the mandatory civil service retirement age of 60. The NNPC boss, who delivered the keynote address at the official opening of the 2019 Nigeria Oil and Gas conference in Abuja, stated that the oil firm was involved in financing deals and had signed Memorandum of Understanding worth several billions of dollars since 2019.

He said, “This year, we have significantly progressed new third- party financings for the NNPC/SPDC JV (Shell Petroleum Development Company Joint Venture) and NNPC/MPNU JV (Mobil Producing Nigeria Unlimited). Both transactions were substantially over-subscribed. “NNPC/SPDC Santolina III Project has an estimated cost of circa $500m and NNPC/MPN Satellite Field Development II Project has an estimated cost of $1.3bn (NNPC to raise circa $700m in third-party financing).”

Baru added, “Furthermore, we have initiated third-party financing for the NNPC/NAOC (Nigeria Agip Oil Company) Okpai II Independent Power Plant project, with estimated cost of circa $658.42m and the NNPC/TEPNG (Total Exploration and Production Nigeria) Ikike development project, with estimated cost of circa $473.4m to be funded through prepayment for gas by NLNG.

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