NNPC Equity In Escravos GTL To Increase To 60% After Resolving Cost Dispute With Chevron
The Nigerian National Petroleum Corporation (NNPC), on Tuesday, said its equity in the Escravos Gas to Liqiud (EGTL) project will increase from 20% to 60% as it has resolved the cost dispute it had with Cheveron Nigeria Limited (CNL) regarding the project.
The NNPC made this known on Tuesday on its verified twitter account @NNPCGroup after meeting with the management of Cheveron.
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The project according to NNPC will see equivalent of 26% total domestic gas supply. It said the development will be the highest by any Indian Oil Corporation IOC in the domestic market.
The NNPC further said that based on the resolution, the corporation’s equity in the EGTL plant will increase from 20% to 60%, adding that the plant will domesticate 1.70million litres per day of premium diesel which is 14% 0f Nigeria’s total consumption.
NNPC expressed optimism that the EGTL Project will be beneficial to the economy as well as to the CNL and energy supply in the country.
According to the corporation, the EGTL project will further improve gas utilisation, government tax revenue and will bring to limelight a renewed social licence to operate.
