NNPCL
Fox Petroleum to invest $7.5bn in NNPCL
India-based Fox Petroleum will be investing $7.5 billion in the Nigerian National Petroleum Company Limited (NNPCL) over the next three years.
A statement by Yomi Sola Falana, Fox’s Business Representative, disclosed this.
The statement said the decision was influenced by President Bola Ahmed Tinubu’s commitment to increasing Nigeria’s oil and gas production, amping up reserves, boosting the country’s income, creating lots of job opportunities for Nigerians, and aiding the growth of communities where they operate.
“Fox Petroleum plans to use the money to help NNPCL grow following the new Petroleum Industry Act (PIA) that was recently put into action,” the statement noted.
Details of the investment will be unveiled after a closed-door meeting with Tinubu, Fox said.
It added that the move aligns with the company’s goal to acquire, invest, and operate energy-producing assets in Nigeria.
“NNPC sees the development as a positive outcome of good governance, making Nigeria an attractive destination for foreign investors.
“Per exclusive :- Fox Petroleum has been on ground in Nigeria for a while now, gearing up for a long-term gas purchase agreement with an Oil and Gas Company consortium formed under Fox Petroleum. I am guessing LNG plant is on the horizon,” it stated.