Tag Archives: #China

PDP Should Account For Failed $460M Abuja CCTV Project, $2bn China Loan – APC

The All Progressives Congress (APC) has fired back on PDP and Atiku Abubakar in a statement signed by Yekini Nabena, the
Deputy National Publicity Secretary
All Progressives Congress (APC).

The APC spokesman said:

“The statement issued by the Media Office of former Vice President, Alh. Atiku Abubakar on the standard sovereign guarantee and sovereign immunity clause embedded in Nigeria’s loan agreements with China to fund the ongoing national railway projects can be best described as unresearched, unintelligent and pedestrian.

As the Minister for Transportation, Rotimi Amaechi has explained the guarantee/clause in the loan deals is standard irrespective of the the country granting the loan.

Perhaps, Atiku and the Peoples Democratic Party (PDP) could redirect their energies to explaining to Nigerians the status of the failed $460 million Abuja Closed-Circuit Television (CCTV) awarded in August 2010 by the immediate-past PDP administration.”

Mr. Yinka further said that:

“Also, they should explain the over $2billion China loan the PDP administration took between 2010 and 2013 alone; $16billion spent on power with no electricity; fuel subsidy rackets; counter-insurgency funds that were diverted and shared to political cronies among other shocking heists.

Recall that the failed CCTV installation project was initiated by late President Umaru Yar’Adua and awarded in August 2010 by former President, Goodluck Jonathan’s administration to help security agencies in the Federal Capital Territory check the growing insecurity.

Since the agreement became signed, Nigeria has been servicing this loan to China while Nigerians are yet to attest to the visibility of CCTV project and unable to explain the status of the video surveillance project. The matter is subject to a legislative probe.”

“In all of these we are starkly reminded that the PDP remains a corrupted and damaged product. Nigerians must continue to reject the party at all levels of government.

In the area of fiscal discipline, prudence, curbing leakages, are we currently getting it right? An emphatic yes! Every kobo expended on infrastructure counts. Verifiable evidence abound in the fast expanding national railway projects, airport remodelling among other critical infrastructure projects being undertaken by the President Muhammadu Buhari government.

The days of phoney contracts as institutionalised by successive PDP administrations are fast fading.” He concluded.

China REQUIRE 3 oil corporations to transfer the management of half of their liquefied natural gas

Report gathered by Daily Watch Press, shows that China has required the three biggest state-held oil corporations to transfer the management of half of their liquefied natural gas (LNG) terminals to the newly created state-controlled midstream firm, Caixin Global reported, citing industry insiders.

The transfer of 10 LNG terminals owned by China National Petroleum Corporation (CNPC), Sinopec, and China National Offshore Oil Corporation (CNOOC) is the first step in China’s plan to consolidate the oil and gas pipeline infrastructure into a new giant state-held midstream company.

At the end of last year, China launched the long-mooted state oil and gas pipeline group combining the infrastructure assets of the state-owned energy majors into one huge midstream group, which analysts say could be worth between US$80 billion and US$105 billion.

The new company is part of China’s efforts to allow its energy companies to focus on boosting exploration and production. Combining China’s pipeline infrastructure into one firm and opening access to this infrastructure to foreign and private producers would help the state oil and gas firms to focus on exploration at a time when China aims to increase its domestic production.

Earlier this year, CNOOC said it had signed with the new state pipeline giant to transfer to it the management of oil and gas infrastructure projects. 

The ten LNG terminals that are set to be transferred to the new company include seven terminals currently managed by CNOOC, two terminals managed by CNPC, and one by Sinopec, according to Caixin.

The new state pipeline giant, China Oil & Gas Piping, will initially only have the right to manage the assets, while the oil and gas majors will still own the assets until audits are finalized. After the transfer of the LNG terminals to the new company, there still will be 11 other LNG facilities that will continue to be managed by the three oil and gas majors, Caixin’s sources said.

Source: Oilprice.com