Shell plans to Invest $15 Billion in the next 5 Years
April 24, 2019 by admin
Filed under Nigeria Stock Exchange
Shell cooperation said it would invest $15 billion in Nigeria in Oil and Gas project across Nigeria over 5 years. And the fund will be disbursed to help with projects around Nigeria.
Shell’s managing director for the Nigeria zone, Nosa Okunbor revealed the plan at the Nigeria Oil And Gas Opportunity Fair (NOGOF).
Shell is gearing up to position itself to be able to compete with Dangote refinery. Dangote is building a refinery and the refinery set to begin operation very soon.
The 15 billion investments will make Shell a competitor in the Nigeria crude and refinery business.
“These remain exciting times for Nigeria as Shell along with its partners will be maturing several projects in support of Nigeria’s growth ambition,” Okunbor told the fair attendees. He added that Shell will create thousands of jobs that will directly benefit the Nigeria economy.
He said that the Assa North Ohaji (Anoh) gas project in Imo State is expected to generate 300 million standard cubic feet of gas per day. The plant will supply gas for domestic use to meet 70
“Benchmark for all these projects is to meet and where possible surpass the 70 percent Nigerian Content target. Employment opportunities are huge, not to mention the spin-off in allied services,” Okunbor added.