FG, Dangote, Others Sign $1.1bn Pact for 540MW Power Plant For Akwa Ibom State - CALIPHATE MEDIA

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Friday, 27 October 2017

FG, Dangote, Others Sign $1.1bn Pact for 540MW Power Plant For Akwa Ibom State



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The Federal Government and the developers of the 540-megawatts Qua Iboe Power Plant signed a Power Purchase Agreement for the development of the $1.1bn electricity generation station on Thursday.
The Dangote Group, Nigerian National Petroleum Corporation and Black Rhino Group, an African energy infrastructure company, signed the PPA with the Nigerian Bulk Electricity Trading Plc, an agency of the Federal Government, in a ceremony that was presided over by the Minister of Power, Works and Housing, Babatunde Fashola, in Abuja.

The 540MW power plant, located in Akwa Ibom State, is being jointly developed by the three firms following the purchase of the rights from Mobil Producing Nigeria Unlimited, a joint venture between ExxonMobil subsidiary, Mobil Producing Nigeria, and the NNPC.
The developers stated that the plant would be one of the lowest cost thermal power plants in Nigeria due to its efficient combined cycle design and competitive gas price.
The plant, according to them, will receive gas from Mobil Producing Nigeria under a 20-year Gas Sales Agreement via a new 400 million standard cubic feet per day undersea gas pipeline from MPN’s existing offshore production facilities.

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