This is perhaps the biggest sign that this administration’s drive to draw investment into the country could be yielding result. General Electric, a multinational corporation from the United States has proposed to invest in Port Harcourt, Warri and Kaduna refineries as well as some power projects in the country.
This was revealed in a presentation by Mr Jeff Immelt, GE Global Chairman and Chief Executive Officer, when he visited Dr Maikanti Baru, Group Managing Director of the Nigerian National Petroleum Corporation (NNPC).
‘’We were involved in the tenders that started around last year which was subsequently withdrawn but our commitment to bringing the refineries on-stream is still very deep and we are very serious about it. We propose that work commences either with the Warri or Port Harcourt Refinery as a pilot, as we set a target to improve the refinery capacity before the end of 2017,’’ the Company stated in its presentation.
GE and NNPC have identified some major national power projects in the country and are currently developing the scope of intervention in the projects which have a potential combined capacity of about 4.4 gigawatts.
GE further pledged its readiness to work with the NNPC to make production in the Off-shore fields profitable for the benefit of both companies and other stakeholders, expressing the hope to consolidate on its existing working relationship with the Corporation to expand the prevailing power business and help NNPC achieve its vision of becoming the leading power company in Nigeria.
Dr Baru noted that GE’s offer of a package that includes projects financing would greatly improve collaboration and initiate the power projects rapidly.
The NNPC GMD also welcomed GE’s offer for support to boost the nation’s offshore production and raise crude oil reserve ratio replacement, urging the company to also tap into the opportunities on offer in medical supplies as the NNPC moves to commercialize the services of its 52 hospitals and clinics spread across the country in the years ahead.
GE, which has its corporate Headquarters is in Boston, Massachusetts, is worth $493 billion in asset and its business focus areas include oil and gas, power, water supply, aviation, healthcare, transportation and capital.
