Senate summons Kachukwu over $115b deal with China, India

The Senate has summoned the Minister of State for Petroleum Resources, Ibe Kachukwu, to give explanation on the signing of $115 billion Memorandum Of understanding involving the Indian Government and Chinese firms.
‎The Minister is expected to shed more light on anticipated impact of the MOU on the Nigerian economy.
‎The motion was titled: “The need for a detailed explanation of the $15 billion proposed MOU with Indian government and over $80 billion MOU signed by Minister of State for Petroleum Resources with Chinese Firms.”
The Senate resolution followed a motion sponsored by Senator Clifford Ordia.
Ordia said: “The Minister of State for Petroleum negotiated a $15 billion investment with India where the Indian government would make an upfront payment for Crude Oil Purchase.
“The two countries have agreed to sign an MoU to facilitate investment by India in the Nigerian Oil and Gas sector and specifically in area such as Refining, Refining, and Gas Marketing, Upstream Ventures, Ventures, development of gas infrastructure and in the training of oil and gas personel in Nigeria.
“Some of the Chinese companies involved in the MOU include China North Industries Corporation (NORINCO Group), China Cinda Asset Management Company Limited (CINDA), China national offshore oil Corporation (CNOOC), China petroleum and Chemical Corporation/Addx Petroleum (SINOPEC/ADDAX), and international chamber of commerce/china’s National Development and Reform Commission.”