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NNPC: Why We Withheld Cash-call Repaments To ENI/Agip

Executive Vice Chairman, Sub-Saharan African Region and Chairman ENI Exploration and Production in Nigeria, Mr. Brusco Guido, briefing the NNPC GMD, Mallam Mele Kyari, on some of the challenges being faced by the NNPC/NAOC Joint Venture operations during a meeting at the NNPC Towers Tuesday

The Nigerian National Petroleum Corporation (NNPC) has explained that it deliberately withheld cash-call repayments to ENI/Agip due to pending issues.

Group Managing Director of the corporation, Mr Mele Kyari,  stated that the NNPC would however, work closely with ENI/Agip to speedily resolve all pending issues that led to the suspension of cash-call repayment.

Kyari explained, during a business visit by a delegation from ENi/Agip, led by the Executive Vice Chairman, Sub-Saharan African Region and Chairman ENI Exploration and Production in Nigeria, Mr. Brusco Guido, that the failure to pay cash call arrears in the last three months was deliberate and meant to ensure that the issues surrounding the agreement are settled.

“The money is there, it is ready. We will pay as soon as the issues are resolved by the end of the week”, he stated.

Regarding some of the expired assets, the GMD explained that there was no immediate plan to renew the licenses as the Federal Government was interested in having the exploration and production arm of the NNPC, the Nigerian Petroleum Development Company (NPDC), operate them.

On the Okpai Independent Power Project, Kyari, explained that the issues that led to the delay in payment have been resolved adding that payment would be effected as soon as possible.

While assuring the ENI/Agip team of quick payments,  Kyari urged them to fast-track the Phase 1 of the rehabilitation of the Port Harcourt refinery to ensure that it was delivered before the scheduled date of October 2019.

Executive Vice Chairman, Sub-Saharan African Region and Chairman ENI Exploration and Production in Nigeria, Mr. Brusco Guido, while speaking earlier, said the company was fully aligned with the GMD’s agenda of growing reserves, growing production, and cutting cost.

However, he listed challenges hampering its operations and urged the NNPC management to help resolve them in order to meet its target of growing production from the JV assets by 30percent over last year’s numbers.

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