Fox Petroleum Group Set To Inject $7.5bn Investment Into NNPCL
Posted on December 7, 2023
SHUKROH BUSARI
An oil company, Fox Petroleum Group, has proposed to inject $7.5 billion investment into the Nigeria National Petroleum Company Limited (NNPCL) for the overrun of the downstream and midstream petroleum operation in Nigeria.
P.M.EXPRESS reports as was disclosed by the company’s business representative, Yomi Sola Falana.
He stated that the company took the decision because of the confidence which the present administration has built to increase production in the oil industry in Nigeria.
“Confidence instilled in the current administration of President Bola Ahmed Tinubu through his demonstrable action to increase Nigeria’s oil and gas production and reserves, boost federation’s revenue, create jobs for teeming millions of the country’s population, and contribute to the development of host communities.”
“Therefore, the corporation believes that the funds would support NNPCL’s growth strategy under the recently enacted Petroleum Industry Act (PIA).” the company stated.
The company stated that the details of the investment to the NNPCL will be unveiled after their closed-door meeting with President Tinubu, adding that the move aligns with the company’s goal to acquire, invest, and operate energy-producing assets in Nigeria.
This positive development may have been the outcome of postive response from foreign investors to achieve their goals under the Tinubu administration’s conducive efforts to bring investors for economic growth in Nigeria.
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