#ENERGY: NNPC Wins Reuters Award Over U.S.$1.2 Billion Financing Deal

For conceptualising, structuring and delivering an oversubscribed deal in a challenging macro-economic environment, the Joint Finance Team of the Nigerian National Petroleum Corporation (NNPC) and its Joint Venture Partners, Chevron Nigeria Ltd, have clinched the prestigious Thomson Reuters /PFI Magazine ‘Africa and Middle East Oil Deal of the Year Award 2015’.

The global award, which is one of the most prestigious in the international financing market, is based on feedback from peers and market operators with full endorsement by the judges at Thomson Reuters/PFI.

Meanwhile, the Minister of State for Petroleum, Dr. Ibe Kachikwu, has expressed optimism that the oil price will rebound and end the year between $40-$50 per barrel as Brent crude traded briefly below $30 per barrel on Tuesday for the first time in 12 years.

However, the minister warned that for that to happen, there is the need to instill discipline among the 12-member states of the Organisation for Petroleum Exporting Countries (OPEC).

Speaking on CNN yesterday, Kachikwu explained that, with most OPEC member countries calling for a cut in production, the big producers could no longer resist and ignore the needs of other countries, adding that maintaining discipline among OPEC countries could convince non-OPEC producers like Russia to also cut output.

He said, “There is a lot of energy around the issue and with most of the member countries, not necessarily in terms of production strength calling for action, I do not think others would resist.

Source: All Africa News

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