World Bank to Back Nigeria Gas Project
The agency is expected to provide $80 million to help finance Nigeria’s gas gathering and extraction project off the coast at Escravos, the Nigerian National Petroleum Corp. said. The gas gathering project will have a capacity to collect about 167 million cubic feet of gas a day. The project had been structured as a 60%-40% venture between NNPC and Chevron Nigeria Ltd., but the Nigerian equity may be reduced if the World Bank or its affiliate, the International Finance Corp., takes equity in the project, as it has done in Nigeria’s liquefied natural gas project.
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