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Baru Charges AKK Pipeline Project Financiers On Timely Delivery

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The group managing director of the Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru in Dubai, United Arab Emirate directed the Chinese Consortium and the NNPC Project Team on the Ajaokuta-Kaduna-Kano (AKK) Pipeline Project to ensure timely finalisation of the term sheet for the project’s contractor financing agreement. The Chinese consortium is made up of Bank of China and Sinosure. Baru, who had to cut short his holy pilgrimage trip to Saudi Arabia for a stopover in Dubai to meet with the Chinese consortium reiterated the need for both parties to ensure speedy conclusion on the details of the agreement towards its full execution during President Muhammadu Buhari’s state visit to China next month. The president is scheduled to attend the Forum of ChinaAfrica Cooperation (FOCAC)
Summit holding from the 1st to 4th September, 2018, in the Chinese capital, Beijing. The AKK Project would be top on Mr. President’s agenda. The NNPC had earlier clarified that the execution of the AKK gas pipeline project was progressing under the original concept of 100 per cent contractor financing model contrary to some media report of a possible resort to ‘’proceed of gas tariffs’’ as new means of funding because of purported collapse of negotiation with Chinese lenders.
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