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Shell plans to invest US $8.5 billion

    KINSHASA
    The multi-national Royal Dutch/Shell has proposed an investment of US $8.5 billion to revitalise the oil industry in Nigeria, news agencies reported today. The five-year scheme integrates numerous oil and gas projects already planned by Shell and its partners to link new offshore fields. Shell Nigeria Managing Director Ron van den Berg told the ‘Financial Times’ in London that 70 percent of the new investment would come from oil firms and the rest from the state. The move is seen as a welcome vote of confidence in Nigeria’s current regime and its predicted return to civilian rule in May, Reuters said. Nigeria is in need of foreign finance to ease the deficit caused by the oil price slump.

    This article was produced by IRIN News while it was part of the United Nations Office for the Coordination of Humanitarian Affairs. Please send queries on copyright or liability to the UN. For more information: https://shop.un.org/rights-permissions

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