Midstream and Downstream Gas Infrastructure Fund yesterday signed investment agreements with 10 firms to boost domestic gas output.
Minister of State for Petroleum (Gas), Ekperikpe Ekpo, supervised the signing in Abuja.
The firms are Geospectra Energy, Wishnefisky Global Concept, SubSea Gas, ANT Energy Ltd, Sonic Petroleum, LNG Arete, WT LNG West Africa, Amari Energy Resources, Waterdance International Concept, and Deemah Integrated.
Managing Director of MDGIF, Oluwole Adama, said three agreements were signed by MDGIF and each partner.
He said the agreements were: “Joint Venture and Operating Agreement”, “Joint Venture Equity Agreement”, and “Joint Venture Accounts Agreement”
He said the joint venture and operating agreements will provide operational frameworks to cut risks, enhance efficiency and maximise potential.
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He said the joint venture equity agreements aim to ensure fair profit sharing, promote effective governance, and set capital contributions and risks allocations.
Adama stressed that the joint venture accounts agreement lists financial management provisions, and provides for transparency, financial oversight, and reporting requirements.
He said each agreement is unique to align with project scope, implementation strategy and funding mechanism.
He said the projects align with MDGIF’s goals of raising domestic consumption of natural gas, and others