Fox Petroleum Group offers NNPC Ltd $2.5bn annually to revamp oil & gas sector
Fox Petroleum Group Board of Directors has reached an agreement to offer a credit facility of $2.5 Billion per year over a consecutive 3-year period to enable Nigerian National Petroleum Company Limited, NNPC Limited, revamp its core operations across the upstream, midstream and downstream energy sectors in Nigeria.
The decision was based on the confidence of Fox Petroleum Group Board of Directors had in the President Bola Tinubu-led administration, especially its determination to increase Nigeria’s oil and gas production and reserves, boost the federation’s revenue, create jobs for the teeming population and contribute to the development of the host communities.
According to Chairman of Fox Petroleum Group, Dr. Ajay Kumar, Fox Petroleum wants to enter into fund investment provision role by releasing $2.5 Billion yearly over a consecutive 3-year period meant to “acquire, invest and operate energy-producing assets in Nigeria as part of NNPCL’s growth strategy following its incorporation as a limited liability company as promulgated under the Petroleum Industry Act, PIA.”
The Indian-born Dr. Kumar said that the details of the landmark funding deal offered by Fox Petroleum would be revealed to the general public after a closed-door meeting with Nigeria’s President Tinubu, who doubles as the Minister of Petroleum Resources.
Similarly, the Business Representative of Fox Petroleum in Nigeria, Mr. Yomi Falana, noted that Nigeria was reaping the dividend of good governance under the leadership of Tinubu with the country now becoming the preferred destination of foreign investors.