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The Federal Government Council (FEC) has authorized for Nigerian Nationwide Petroleum Company (NNPC Restricted) to execute an MoU with the Financial Committee of West African States, ECOWAS, for the development of the Nigeria-Morocco fuel pipeline to take fuel from West African nations by way of Morocco to Spain and Europe.
This was disclosed by Nigeria’s Minister of State for Petroleum Sources, Timipre Sylva, after the FEC assembly presided over by Vice President Yemi Osinbajo on Wednesday on the Presidential Villa, Abuja.
The Minister acknowledged that the mission was nonetheless on the level of the front-end engineering design, after which the associated fee can be decided, because the pipeline would cross by way of 15 West African nations to Morocco and Spain.
What the minister is saying
Sylva stated, “The Ministry of Petroleum Sources introduced three memos to Council.
“The primary memo, Council authorized for the NNPC Ltd to execute MoU with ECOWAS for the development of the Nigeria-Morocco Gasoline Pipeline.
“This fuel pipeline is to take fuel to fifteen West African nations and Morocco and thru Morocco to Spain and Europe”.
He additionally added that the FEC authorized the development of a switchgear room and set up of energy distribution cables and gear for the Nigeria oil and fuel park in Ogbia, Bayelsa, within the sum of N3.8billion, citing that the park will increase native manufacturing of elements for the oil and fuel trade.
Additionally authorized was the development of an entry highway with bridges to the Brass Petroleum Product Deport in Inibomoyekiri in Brass Native Authorities within the sum of N11billion plus 7.5% VAT.
The Information Company of Nigeria (NAN) experiences that Nigeria-Morocco Gasoline Pipeline was proposed in a December 2016 settlement between the Nigerian Nationwide Petroleum Company (NNPC) and the Moroccan Workplace Nationwide des Hydrocarbures et des Mines (Nationwide Board of Hydrocarbons and Mines) (ONHYM).
The pipeline would join Nigerian fuel to each coastal nation in West Africa (Benin, Togo, Ghana, Cote d’Ivoire, Liberia, Sierra Leone, Guinea, Guinea-Bissau, Gambia, Senegal, and Mauritania), ending at Tangiers, Morocco, and Cádiz, Spain.
What you must know
Nairametrics reported final month that the Federal Authorities revealed the West African Gasoline Pipeline Growth Mission is working carefully with the Nigeria-Morocco Gasoline Pipeline (NMGP) Mission for potential synergy between the 2 tasks to spice up pure fuel supply in West Africa and Europe.
- The Islamic Improvement Financial institution Group (IsDB) has additionally dedicated some financing to the Entrance-Finish Engineering Design (FEED) Research for the Nigeria-Morocco Gasoline Pipeline (NMGP) mission:
- The Nigeria Morocco Gasoline Pipeline (NMGP) mission is sponsored by His Majesty King Mohammed VI and His Excellency President Muhammadu Buhari.
- The Mission goals to arrange the required research for the fuel pipeline and assist take the Last Funding Choice (FID) by 2023 for the infrastructure mission. As per the settlement between Morocco and Nigeria Governments @NigeriaGov, each nations will share equally the (FEED) Mission value, which is estimated at USD 90.1 million.
- IsDB will help the Moroccan contribution and take part within the financing of the mission as much as an quantity of $15.45m. For the Nigerian Contribution, IsDB has authorized financing of $29.75m, which can convey the contribution of the Financial institution to 50% of the overall value of FEED research”.
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