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.... ....   Home  |  Cover Stories  |  National Newsreel  |  Politics  |  Business  |  Sports  |  World  | Contact Towards a better life for the people Search The Archives   Cover Stories National News South West Niger Delta South East North Politics Business Sports World Viewpoints Features   ..... NATIONAL NEWS Multinationals renew interest in Nigeria's downstream sector — Aftermath of court ruling on fuel tax By Hector Igbikiowubo Monday, September 27, 2004 LAGOS — THERE are indications that multinational oil companies from China, Russia, Libya, Norway and Algeria which had earlier indicated their preparedness to invest in Nigeria’s oil and gas industry provided they can recover cost, have renewed their interest in the downstream sector following the recent federal high court ruling on fuel tax.  It was gathered that following the renewed interest, the Federal Government and the Chinese are scheduled to sign a memorandum of understanding this week as part of efforts to clear the way for Chinese investment in petroleum products refining, distribution and supply in Nigeria’s downstream sector. Specifically, the Chinese have indicated interest to invest in and operate the Kaduna refinery, and have since been engaged in talks with the Nigerian National Petroleum Corporation (NNPC). Similarly, the Libyan government has indicated interest to invest in and operate the Kaduna refinery and there have been talks between both governments, but this had been bogged down by inability to recover costs.  Speaking with Vanguard at the weekend, Dr. Levi Ajuonuma, NNPC spokesman disclosed that talks were also on-going with multinational oil companies from Norway and Algeria which had indicated their preparedness to invest in Nigeria’s downstream oil sector. Ajuonuma noted that with the flurry of activities ongoing in the downstream sector, and the level of investment scheduled to come in, prices will certainly drop to an appreciable level, while thousands of jobs will be created.   “There is no way these multinationals will invest in the downstream sector without it impacting on petroleum products prices and job creation,” he noted. The corporation’s spokesman also noted that since the downstream sector was deregulated last year, Nigerian companies like Oando, Conoil and Zenon have grown by leaps and bounds, adding that some of these companies have been very vibrant in the stock market.   Home  |  Cover Stories  |  National Newsreel  |  Politics  |  Business  |  Sports  |  World  | Contact © 1998- 2004. Vanguard Media Ltd.

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