Nexus Alliance Denies NNPC Pipeline Financing Discussions

Nexus Alliance Denies NNPC Pipeline Financing Discussions

Nexus Alliance has clarified it was not in talks with the Nigerian National Petroleum Company about financing pipeline upgrades. The Nigerian oil firm was reportedly discussing raising $2 billion early this year and using the money to repair and upgrade damaged pipelines while reducing leaks, according to a Bloomberg report on December 29 citing people with knowledge of the matter. An NNPC spokesperson did not immediately respond to a request for comment. The denial comes amid ongoing concerns about the state of Nigeria’s oil pipeline infrastructure, which has been plagued by theft, sabotage, and deterioration.

Source: rigzone.com