The Nigerian National Petroleum Company Limited (NNPC) is seeking a fresh $2 billion to balance its finances and invest in new oil installations to raise crude oil production, Africa Intelligence has reported.
According to the report, the NNPC should announce in the next few days that it has finalised the new syndicated crude oil-backed loan.
Christened Project Leopard, the operation, it said, will enable the company to raise $2 billion in total, with the first $1 billion tranche already concluded and the NNPC Group Chief Executive Officer, Mele Kyari, and his staff, now putting the finishing touches to the second tranche for a similar amount.
The loan, the plans for which were first revealed by news agency Reuters in July, but without the value, the report said, should serve to restore the NNPC’s finances and enable it to invest in new oil installations with the aim of increasing its crude oil output, according to Kyari.
