Mobil Producing Nigeria, operator of the NNPC/MPN Joint Venture, on Thursday said it had reached commercial terms with Qua Iboe Power Plant Limited (QIPPL) for the transfer of ownership of the Qua Iboe power project, The Punch reports.
The General Manager, Public and Government Affairs, Mr Paul Arinze, in a statement said the agreement included the financing of a gas-fired power plant, a 58-kilometre transmission line and construction of a 53-kilometre offshore pipeline to supply gas from the NNPC/MPN joint venture offshore facilities to the power plant. QIPPL is a joint venture between Black Rhino, a wholly owned subsidiary of Blackstone Group, and NNPC.
He quoted Mr Paul McGrath, Chairman and Managing Director of MPN, as saying; “this milestone is a key enabler for the project, which will contribute 540 megawatts to the national grid when completed.” Arinze said the Group Managing Director of NNPC, Dr Maikanti Baru, also expressed satisfaction with the development. “We will continue to work with MPN, QIPPL, Black Rhino and other stakeholders to ensure a successful and timely execution of the project,” Baru said.
Source: Energy Mix Report