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Nigeria signs $3.1 bln funding deal with Shell

 

Reuters

Nigeria signs $3.1 bln funding deal with Shell

Mon May 26, 2008 3:02pm EDT

ABUJA (Reuters) – Nigeria signed a $3.1 billion deal with the local arm of Royal Dutch Shell (RDSa.L: QuoteProfile,Research) on Monday to plug a funding gap in their joint venture projects, the country’s state oil firm NNPC said.

 

 

Under the deal, Shell would cover a $1.3 billion shortfall in NNPC’s share of the 2008 joint venture budget and provide an extra $1.8 billion loan to cover outstanding payments from 2006 and 2007, NNPC said in a statement.

 

(Reporting by Camillus Eboh; Writing by Nick Tattersall; Editing by David Gregorio)

 

© Thomson Reuters 2008 All rights reserved

 

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