Senate summons Kachikwu over $95bn oil deal

senate

The Senate on Tuesday invited the Minister of State for Petroleum Resources, Ibe Kachikwu to throw light on the proposed $15 billion Memorandum of Understanding (MoU) with the Indian Government in the oil and gas sector.

The minister is also expected to provide details of the over $80 billion agreement he signed with Chinese firms in the same sector.

The resolution followed a motion on “the need for a detailed explanation of the $15billion proposed investment with Indian Government and over $80billion MoU signed by the Minister of State for Petroleum with Chinese firms,” sponsored by Senator Clifford Odia (Edo Central).

The upper chamber said the minister should appear before its joint committee on Petroleum Upstream, Gas and Foreign Affairs to give a detailed explanation on the agreements with the two Asian nations and their anticipated impact on the country’s economy.

Senator Ordia in his lead debate said the minister negotiated a $15 billion investment with India where the India Government would make an upfront payment to Nigeria for crude oil purchase.

The Edo Central lawmaker told the Senate that the two countries have agreed to sign an MoU to facilitate investments in the Nigerian oil and gas sector, specifically in refining, oil and gas marketing, upstream ventures, development of gas infrastructure and the training of oil and gas personnel in the country.

 



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