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Reuters: Shell agrees plan to boost Nigeria output – paper

Mon Mar 17, 2008 2:56am EDT

LONDON, March 17 (Reuters) – Royal Dutch Shell (RDSa.L: Quote, Profile, Research) hopes to boost oil output in Nigeria after agreeing a new plan to tackle funding shortfalls hitting production at its joint venture with the government, the Financial Times said on Monday.

The newspaper, citing people familiar with the talks, said Shell had accepted the outlines of a presidential proposal under which the joint venture would raise its own financing rather than rely on cash from the government.

As an interim measure, the Anglo-Dutch oil firm has offered to lend the government the money to back its share of the financing costs until the scheme is finalised, the Financial Times said.

Shell could not immediately be reached for comment.

(Reporting by Mark Potter; Editing by Quentin Bryar)

http://www.reuters.com/article/companyNewsAndPR/idUSL1755007520080317

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