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Kachikwu in China, holds talks with funding partners

Mitchel Okechukwu

Minister of State for Petroleum Resources, Dr. Emmanuel Ibe Kachikwu is currently visiting China as a Special Envoy to the Nigerian President to hold talks with industry funding partners on ways of bridging infrastructure funding gap.

He is leading a powerful team of Nigerian National Petroleum Corporation Top Management and Key Industry Stakeholders to the NNPC-China Investors’ Roadshow 2016.

The 5-Day event commenced on Sunday June 26, 2016 with a welcome dinner hosted by the International Cooperation Center of the National Development and Reform Commission of China (ICC-NDRC). In attendance at the dinner were the Managing Directors of China Petrochemical Corporation (Sinopec Group), Sinopec/Addax, Cinda Securities Company Limited, Jereh Group, China National Chemical Corporation etc.

The major thrust of the NNPC-China Investors’ Roadshow 2016 is to meet with potential funding partners so as to bridge the infrastructure funding gap in the Nigerian Petroleum Sector.

Kachikwu told Bloomberg Markets Middle East that the visit seeks to raise about $40 to $50 billion and in a positive development and that a potential deal for $8.5 billion of investment with China North Industries Corporation (NORINCO) has already been signed. He further affirmed that going to places like China, which have a huge capacity to put money in the oil sector, is very helpful.

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