Home BUSINESS BIO-FUEL: NNPC To Select Core Investors For Benue Project — Baru

BIO-FUEL: NNPC To Select Core Investors For Benue Project — Baru

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The Nigerian National Petroleum Corporation, NNPC says it has concluded discussion on the choice of a core investor for the proposed bio-fuel plant in Benue.

The Group Managing Director of the corporation, Maikanti Baru, announced this after a follow-up meeting with a Benue State delegation led by Deputy Governor Benson Abounu. He added that arrangements had been finalised to name the prospective investor in the weeks ahead.

Represented at the meeting by the Chief Operating Officer, Ventures Directorate, Babatunde Adeniran, Baru explained that the core investor would provide 70 per cent of the required funding for the project.

According to Baru, the Benue State government and the NNPC will take up the balance equity contribution.

He said upon completion, the plant was projected to generate about one million direct and indirect jobs for the populace, noting that the project would help link the energy sector with the agricultural sector through the commercial production of bio-fuels from selected energy crops.

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